Ottawa real estate booming

A new report from Colliers International says investment in Ottawa's commercial real estate market surpassed $1.1 billion last year, a level not seen since 2003. According to the report, office transactions led the way in 2005, the most notable being CPP Investments' purchase of a 50-per-cent interest in OMERS' Class A Constitution Square complex for $118 million.

Following a year of government uncertainty the Ottawa office leasing market rebounded in 2005, with vacancy dropping from 12 per cent to 9.6 per cent. The biggest drop was seen in the suburbs, while the downtown core saw a minimal decrease to 4.2 per cent from 4.6 per cent a year ago. The completion of a number of large deals over the year created a shortage of large pockets of space (deemed as spaces over 100,000 square feet) in the region. When the dust settled, at year-end 2005 there were only two available options in the region over 100,000 square feet, according to the report.

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source: updatere.com