CoStar reports slower start to 2018 for commercial real estate
Date Posted: October 9, 2018
Advanced MIC is a residential lender however our team also keeps an eye on commercial real estate news and trends as part of our ongoing local market awareness efforts.
CoStar is one source of information about the national, provincial and local real estate markets.
In CoStar's recent report titled 2018 Mid Year Commercial Real Estate Update, which can be read in its entirely here, CoStar reports the following:
- "Ottawa commercial real estate has experienced a slow first half to 2018 in general, and the Ottawa office market was not immune. The Ottawa office market experienced a 10 bps increase year-to-date and 20 bps increase year-over-year, to 5.8% in Q2 2018, with only 148,000 SF of new supply coming to the market over that period. As for net asking rents, rents have decreased 2.0% year-to-date and 2.9% year-over-year to $16.98/SF per annum."
- "There is limited office construction activity occurring in the market right now, and much of the office space that is under construction, or planned, is part of larger mixed-use projects, with only a portion slated to be office space. The largest example of this currently being 900 Albert St., which is a mixed-use and transit oriented development comprised of 200,000 SF of office space, as well as 125,000 SF of retail space, along with residential. Like many of these projects, 900 Albert St. is this located along the new Confederation LRT Line."
Read more about Ottawa on pages 25 to 27 of the report.