Change in availability between Q1 2019 – Q4 2021
Now that we have had 2 + years of operating under very different circumstances, with a patchwork of ever-changing regulations, the impact the pandemic has had on the commercial real estate market is becoming more and more evident.
Below are graphs illustrating the changes in office space availability for ‘A’ class buildings in Downtown Ottawa, Ottawa West, and Ottawa East.
Downtown Ottawa
Ottawa West
Ottawa East
Our prediction is that the increase in availability is just the beginning. As leases roll over, we expect that a number of businesses and organizations may consider right-sizing to take into consideration hybrid work with fewer days per week being spent in-office per employee.
What this means is that as we emerge from the pandemic, tenants who are thinking strategically about their office space requirements will have an opportunity to leverage softer market conditions to their full advantage.