Ottawa’s low inventory has resulted in absorption to decrease this quarter, as there is not much space for prospective tenants to occupy. The vacancy rate, now sitting at 2.0%, is still historically low.
Retail vacancy climbed substantially in the downtown core during the first half of 2022 as demand for retail space has declined, likely a result of lower foot traffic rates due to a considerable share of the labour force still working from home or adopting hybrid work models.
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