Commercial Real Estate News

[citydwlr]

Originally Posted by Vixx

I also had no clue SurveyMonkey had a presence in Ottawa, that's pretty cool.

I went on their website just for shits and see they have some positions they are looking to fill in Ottawa. Looks like they are doing well here and are growing, just as the article suggests with them moving into a bigger space.

Survey Monkey bought out the Ottawa-based "Fluid Surveys" a few years ago (2014); hence their office location in Ottawa.

http://fluidsurveys.com/blog/great-n...monkey-family/

[Catenary]

Originally Posted by citydwlr

Survey Monkey bought out the Ottawa-based "Fluid Surveys" a few years ago (2014); hence their office location in Ottawa.

http://fluidsurveys.com/blog/great-n...monkey-family/

Funny, this just made me realize I hadn't heard anything about Fluid Surveys in a while. Makes sense I suppose.

[rocketphish]

RioCan betting big on residential in major shift for Canada’s biggest mall owner

Rachelle Younglai, The Globe and Mail
May 7, 2018

RioCan has embarked on a plan to own apartments as consumers retreat from the shopping centres that have defined the real estate investment trust for more than two decades.

RioCan Real Estate Investment Trust, Canada’s biggest mall owner, expects to pull in upward of 10 per cent of its income from apartments, a shift for the landlord, which built its reputation on shopping centres.

“We envision this being a substantial part of our portfolio, one that will drive a lot of income,” said Jonathan Gitlin, RioCan’s senior vice-president of investments, who was put in charge of the RioCan’s newly established residential division, RioCan Living.

In five years, RioCan expects that up to 5 per cent of its operating income will come from residential and in about a decade, its goal is 10 per cent or higher, according to a RioCan spokeswoman.

Apartments or multiresidential buildings are a bet on the future for RioCan, which has witnessed retail falling out of favour with investors. So far this year, its value has dropped 4 per cent to $23.50 a unit on the Toronto Stock Exchange, matching a similar level in 2006.

Despite investors’ distaste, RioCan’s funds from operations per unit, a measure of cash flow, has increased to $1.79 in 2017 from $1.68 in the previous year.

The retail industry is undergoing a transformation as consumer shopping habits change and e-commerce proliferates. Traditional bricks-and-mortar retailers are racing to stay relevant. Hudson’s Bay Co. is in talks to sell one of its top properties in Vancouver, which is jointly owned with RioCan.

RioCan itself has had to grapple with large empty spaces over the years when some of its largest tenants – Sears Canada and Target Canada – shut their doors.

Although the trust is securing new tenants and is reducing its exposure to the weaker Canadian retail markets, investors are not buying it.

“Today, retail is more limited,” said Paul Meierdierck, a senior vice-president with LaSalle Investment Management. “They view the residential space as being more ripe of an opportunity relative to retail.”

RioCan has identified 43 retail properties that will be redeveloped into apartments and other multiresidential buildings across its six major markets in Canada. It says that has the potential to produce more than 20,000 residential units.

Nearly three-quarters of its new buildings are slated for the Toronto area, where the apartment-vacancy rate is rock bottom. Another 10 per cent are destined for Ottawa and the rest will be in Vancouver, Calgary and Edmonton.

Currently, RioCan has about 2,800 units in eight buildings under construction, including a massive project just west of Toronto’s downtown core.

But it’s not going to be easy. In addition to new rent-control measures in Ontario and changes to the province’s land-use tribunal, RioCan’s expertise is not in multiresidential buildings.

“It is going to take time to figure it out. It’s not as easy as everyone thinks that I am just going to start building apartments,” said Paul Finkbeiner, the president of GWL Realty Advisors, which has operated and developed offices, multiresidential and retail properties for more than two decades.

“When I build retail, I build a box and I dress the box up. When I build apartment buildings, I got to build bathtubs, kitchens, appliances, hallways, laundry rooms. It’s very different,” Mr. Finkbeiner said.

The way Mr. Gitlin sees it, RioCan will draw from its huge pool of retail tenants and mix them with its future residents. For example, one of its tenants, Cineplex, could offer to show new movies to RioCan’s apartment residents.

“If you look at our sphere of tenants, you can imagine restaurants doing a food night or tasting night. You could imagine bookstores having authors coming in and read,” he said.

RioCan observed how the proximity of a condo to one of its malls helped.

“We saw a lot more traffic,” Mr. Gitlin said. “From that came the recognition that those condo units benefited from having a shopping centre next door and our shopping centre benefited from having residents next door.”

RioCan is not the only developer that has embraced multiresidential, which is one of the hottest types of commercial real estate in Toronto and Vancouver. SmartCentres REIT, which is known for its power centres with Walmart stores, is teaming up with residential and other partners to expand into new types of uses.

Follow Rachelle Younglai on Twitter @rachyounglai

https://www.theglobeandmail.com/busi...nadas-biggest/

[J.OT13]

Jean Edmonds Towers reclad. Pics by me, but it's not as obvious as in real life. The one closest to the camera in both cases is the medal reclad.

[rocketphish]

Broccolini to spend up to $200M on massive new distribution centre in southeast Ottawa

By: Peter Kovessy, OBJ
Published: May 11, 2018 10:37am EDT

A Montreal-based developer is planning to construct the largest distribution centre in the National Capital Region, a massive 1.02-million-square-foot facility that experts say could kick off a new wave of development in southeast Ottawa.

Broccolini has filed a site plan application to build the warehouse, which will have 100 truck loading bays and ceiling heights of between 36 and 38 feet, at the interchange of Highway 417 and Boundary Road.

James Beach, Broccolini’s director of real estate and development, said the company does not currently have a tenant secured for the space.

“Ottawa is a good market, (with) low industrial vacancy rates,” Beach said. “This investment in Ottawa is consistent with the increasing demand for large facilities of this nature that we’ve seen in the GTA and Montreal area.”

While Broccolini has previously developed properties prior to securing a tenant, Beach said the firm would prefer to have a commitment in place before it breaks ground on this particular project.

Beach said the massive new distribution centre is being designed with “a potential use in mind” but that it could be converted into a multi-tenanted facility.

The new structure would be constructed on a 96-acre parcel of land on the east side of Boundary Road, just south of GreyHawk Golf Club. Beach estimated the project costs at between $100 and $200 a square foot, depending on the end user’s requirements, bringing the total cost to up to $200 million.

Documents filed by consultants in support of the development application project the facility to employ more than 1,000 workers on daytime and evening shifts.

Beach confirmed the facility will have the capacity to accommodate 1,000 staff, but said the transportation study assumed the “peak number” for design requirements and said there could be fewer employees working out of the facility.

Broccolini is known locally for constructing the Export Development Canada tower with Canderel in downtown Ottawa as well as the recently completed Ciena campus in Kanata. The firm is also the developer, owner and landlord behind 199 Slater St., a mixed-use 21-storey downtown tower featuring condos and an Alt Hotel.

While the firm performs work as a third-party general contractor, Beach said Broccolini has been focusing extensively over the past decade on its own developments, building and managing real estate across various asset classes in Montreal, Toronto and Ottawa.

For the Boundary Road project, Beach said Broccolini would own, develop and manage the warehouse as a landlord.

By some measurements, the availability of industrial space in Ottawa is approaching record lows.

The market’s availability rate – the amount of available space, whether vacant or not, divided by the total amount of existing inventory – declined by half a percentage point in the first quarter of the year, from 3.7 per cent to 3.2 per cent, according to real estate services firm Colliers International.

If a single user leases all of Broccolini’s new facility, the building won’t have any impact on the local vacancy rate.

However, it could spur additional development in the southeast corner of the nation’s capital, said Warren Wilkinson, the managing director of Colliers International in Ottawa.

“This could be the catalyst for a new wave of development in the area,” he said, adding that the existing zoning and size of other land parcels in the area would influence future growth.

“If people see a large user out there, it will start drawing amenities. It will start drawing other attributes to the area, which could in turn trigger smaller parcels being built upon (and) business parks being developed.”

http://www.obj.ca/index.php/article/...utheast-ottawa

[rocketphish]

Beach said the massive new distribution centre is being designed with “a potential use in mind” but that it could be converted into a multi-tenanted facility.

an Amazon Fulfillment Centre?

According to Wikipedia, there are no Canadian ones east of the GTA:
https://en.wikipedia.org/wiki/List_of_Amazon_locations

[Catenary]

Originally Posted by rocketphish

an Amazon Fulfillment Centre?

According to Wikipedia, there are no Canadian ones east of the GTA:
https://en.wikipedia.org/wiki/List_of_Amazon_locations

That's certainly the first thing that comes to mind. It's not a great location for distribution to the west, but it's a good spot for distribution into Ottawa and Montreal. It's likely close enough to Montreal to facilitate some same-day orders as well.

[Kitchissippi]

My guess would be they're trying to woo Costco. The eastern Canada headquarters are here, but they have relatively small distribution centres in Brampton and St Bruno.

Almost time for this idea

[YOWflier]

Costco also entered my mind but I'm not familiar with their distribution model.

They no longer have an east/west HQ setup (although they do for vendor inquiries). Costco Canada is HQd here.

[Catenary]

Originally Posted by Kitchissippi

My guess would be they're trying to woo Costco. The eastern Canada headquarters are here, but they have relatively small distribution centres in Brampton and St Bruno.

Almost time for this idea

I think Costco's DCs are small because the model the use results in little to no product being warehoused at the DC level. From what I've heard, it's almost entirely same-day crossdock loads. Costco carries very few SKUs for the size of the store, so this model works for them.

I found this list of Costco warehouse sizes:

https://panethos.wordpress.com/2015/...north-america/

Only one in North America is close to the size of what is being proposed in Ottawa.

[rocketphish]

Feds, tech firms on ‘collision course’ for downtown Ottawa office space

By: Peter Kovessy
Published: May 17, 2018 7:50am EDT

The tech firms snapping up office space in Ottawa’s central business district will soon face greater competition for accommodations if the federal government resumes its expansion in the core, according to a local real estate expert.

A growing number of tech firms are looking to locate or expand in central Ottawa. Over the last year, Klipfolio, SurveyMonkey and Telesat have collectively absorbed some 150,000 square feet of office space in downtown Ottawa, CBRE Ottawa managing director Shawn Hamilton said this week in a market outlook presentation.

Additionally, Shopify announced plans in 2017 to take some 325,000 square feet inside the former Export Development Canada tower at 234 Laurier Ave.

The wave of new downtown tenants has represented a sea change in the downtown office market. By CBRE’s measurement, tech firms now occupy roughly 650,000 square feet in the central business district, or some 150,000 square feet more than the legal and accounting sectors combined.

“Only the federal government is larger,” Hamilton said.

The market has so far been able to accommodate the new and expanding tech companies in large part because the federal government spent years working to reduce its downtown office footprint through consolidation efforts and moving civil servants into buildings elsewhere in the National Capital Region, such as the Ottawa Train Yards.

This helped to push the central business district office vacancy rate up to 10.9 per cent as recently as the end of 2016, according to figures published by Colliers International. That’s since retreated to 8.1 per cent in the first quarter of 2018, the firm reported last month.

However, CBRE argues that a spate of federal hiring under the Liberals and recently published expressions of interest in downtown office space suggest the government is considering a resumption of its growth in the core.

“If the federal government begins ramping up leasing, then I sense that urban tech and the federal government will be on a collision course, fighting for the same space,” Hamilton said. He added that this is unlikely to happen before the bulk of the space being vacated by DND – which is consolidating its presence at the former Nortel Campus – is absorbed.

Some of the pressure will be alleviated by the massive development projects proposed for the western edge of downtown. CBRE estimates that Zibi, RendezVous-LeBreton, Claridge, Invest Ottawa and Trinity have collectively proposed some three million square feet of office space within mixed-use developments at LeBreton Flats and around Bayview Station.

If competition does heat up, Hamilton says landlords will have to make choices between filling their buildings with federal tenancies, which come with exceptionally strong covenants, or tech firms that can often afford to pay higher rents than the public sector.

“It will be exciting to see how landlords decide,” he said.

http://www.obj.ca/index.php/article/...a-office-space

[1overcosc]

This is good news for all the construction plans in the Lebreton-Bayview area, it means they can build more office space to offset the difficulty of selling so many condos. Major investment in offices further west will have an impact on commuting patterns; it means Pimisi and Bayview stations will get much higher demand as peak period destinations (whereas before, with the plans being mostly recreational & residential, they would mostly be origin points of peak period demand, as opposed to destination points).

[rocketphish]

Kanata North added $13B to Canada’s GDP in 2018: report

By: Rosa Saba, OBJ
Published: Dec 6, 2018 3:37pm EST

Kanata North’s business leaders say a new report that puts a dollar figure on the area’s economic impact should warrant a fresh look at infrastructure investment in the region.

The report by Ottawa-based Doyletech Corp. found that Kanata North’s total economic impact on Canada’s GDP in 2018 was $13 billion, a 66 per cent increase over the $7.8 billion reported in 2015.

A nine-per-cent increase in employees over three years and a 21-per-cent increase in the number of companies calling the tech park home have resulted in more congestion on busy thoroughfares such as March Road, said Kanata North Business Association board chair Amy MacLeod in a Thursday morning presentation of the study. Traffic and transit are two issues the ward’s new councillor, Jenna Sudds, has pledged to address.

The study reported a 16-per-cent increase in municipal tax dollars coming from Kanata North residents and companies since 2015, plus a 40-per-cent increase in provincial tax returns and a 46-per-cent increase federally. MacLeod said it’s time to see some of that money re-invested in Canada’s largest technology park.

“We need infrastructure. We need investment in our transportation,” said MacLeod, who also serves as Mitel’s vice-president of strategic communications.

The report also found 30 per cent revenue growth in over three years, with the telecommunications, wireless and photonics sectors collectively increasing revenues by 95 per cent. Cleantech, a sector with just nine companies, saw revenue growth of 146 per cent and an employee growth of 119 per cent – likely driven by Clearford Water Systems’ recent string of acquisitions, said KNBA operations manager Veronica Farmer.

Doyletech classified revenue in two ways, according to partner Rick Clayton. Companies self-reported traditional income, but since Kanata North is home to many R&D outposts for multinational corporations, Doyletech also factored in the budgets allotted to those outposts by their head offices to account for their value generated.

“Kanata North is spearheading the research that multinationals are dependent on,” Clayton said. “That gives Kanata North a lot of leverage.”

Farmer said using that leverage will be key to continuing the pattern of growth in the tech park.

“We do need to address talent and transportation,” she said. “If we don’t do this, we’re going to lose … momentum.”

https://obj.ca/techopia-kanata-north...ic-impact-2018

[Richard Eade]

If Kanata North is such an important area for the city, why not make it easier to get there by reusing the existing rail corridor?

Also, I don’t know how much air travel is generated by that high-tech area, but maybe we can kill two birds with one train. How about we make the Airport Shuttle train a bit more useful and extend it to Kanata North?



Yes, this is not super cheap, as many have pointed out, because of the condition of the existing (or not) tracks, but nor should it be very expensive either, if we don’t let consultants inflate the cost. It would be a new transit corridor that would make getting to Kanata North easier from the Confederation Line (after Stage 2 – if there was a short extension to a stop near the underpass of the 417, which could be the promised Wesley Clover Stop), from Barrhaven (if there are bus stops added along Woodroffe near the rail overpass), from the Trillium Line (after Stage 2, with common stations at Greenboro and South Keys), and from the airport.

I would suggest that stations along the line would be VERY bare-bones, similar to the old O-Train stations; just an asphalt pad with a bus shelter or two. These would mainly be at overpasses so that bus stops would be on the street and there would be paths up the slope to the train platform. The further away the bus stop is, the less the climb on the path, but the longer the walk. No elevators would be needed. And trains from either direction would stop at the platforms; so, no need for pedestrians to cross the tracks – just like the old O-Train platforms at the stops other than Carleton. The fact that the existing overpasses are wide allows a pedestrian path to be added so people from either side of the road below can easily access the platforms.

An example at Robertson Road, near Bells Corners, would be:



Where buses would run along Robertson Road (the blue line) and people would walk to the (yellow) platform on paths from either side of Robertson. It is not a Fare-paid transfer, but it should be a shorter walk than the transfer from east-bound buses along Scott to the Bayview LRT Station.

This would be a 15-minute service, using DMUs, along a single track, with a few passing tracks, as required. The DMUs would share the tracks over the Rideau River with VIA trains, so there is potential for slight delays on some runs. Where no grade separation exists, at McCarthy Road, the train would cross AT GRADE. McCarthy is not that busy that a 15-minute service train will ruin its traffic flow. A missing ramp would need to be added to the Walkley Diamond.

This service is NOT meant to be an alternative to the Confederation Line, nor to compete with the (future) Baseline Road BRT line. This provides a corridor that is not (yet) well developed. As the original O-Train did, it is providing a new transit corridor past areas that have some potential for development. It would be more useful than simply providing a shuttle service between the airport and South Keys Station, and it makes it easier for Kanata North to do business.

[rocketphish]

Toronto firm raising capital to finance $133M Ottawa-Gatineau shopping centres deal

By: OBJ staff
Published: Apr 18, 2019 8:10am EDT

A Toronto-based real estate firm is raising capital to finance its new stake in a portfolio of shopping centres across Ontario and Quebec, half of which are in the National Capital Region.

Firm Capital Property Trust announced Wednesday it will raise $26.2 million through a share offering and an additional $15 million in a related private placement. If overallotment options are exercised on the deal, the Toronto firm’s gross proceeds from the financing will increase to more than $45 million.

Firm Capital is raising the extra cash to finance the acquisition of a 50-per-cent interest stake in a portfolio of six shopping centre properties owned by First Capital Realty. Firm Capital will pay $133 million for the stake in more than one million square feet of property primarily anchored by grocery stores.

The deal includes stakes in Carrefour du Plateau in Gatineau as well as the Merivale Mall and Gloucester City Centre properties in Ottawa. Gloucester, the largest property in the deal at 370,000 square feet, is anchored by a 124,000-square-foot Loblaws. The three National Capital Region shopping centres represent more than 80 per cent of the deal’s total square footage, with the remaining three smaller properties in Repentigny, Que.

Upon closing, Firm Capital will enter into a co-ownership agreement with First Capital, the latter of which will maintain property management services at the properties.

The deal is expected to close on in early May.

https://obj.ca/article/toronto-firm-...g-centres-deal

[rocketphish]

Constitution Square landlord hitting refresh button on downtown Ottawa complex

By: David Sali, OBJ
Published: Apr 24, 2019 2:17pm EDT

One of Ottawa’s largest class-A office complexes is revamping its lobby and meeting spaces and redesigning some of its suites in an effort to respond to changing tenant tastes and modernize the buildings.

Constitution Square will start to launch the projects this summer, senior leasing manager Vicky Dinelle told OBJ recently. It’s part of co-owner and building manager Canderel’s efforts to give the complex a new look and feel after purchasing the one-million-square-foot trio of office towers along with partners Greystone Managed Investments and Canstone Realty Advisors in 2017.

That deal – which saw the consortium buy the three downtown highrises from Oxford Properties and the Canada Pension Plan Investment Board for $480 million – is the largest commercial real-estate transaction in Ottawa history. It also marked a return to the local market for Canderel, which helped build Constitution Square back in the late ’80s and early ’90s and is now looking to once again increase its footprint in the region.

“They want to expand their growth here in Ottawa,” Dinelle said.

Canderel’s plans to upgrade the building include installing new, brighter lighting and furniture in the buildings’ lobbies to make the spaces “something that’s more geared towards warmth and liveability,” she said.

The complex’s 5,300 square feet of boardroom space will also be revamped as part of the project. Canderel is installing state-of-the-art audio-visual technology, new furniture and flooring and LED lighting in the four meeting rooms, along with amenities such as smartphone charging stations.

Dinelle said she’s also looking at rejigging a couple of the smaller vacant office spaces in the towers as “quick suites” that will feature “open, collaborative, bright space” with glass finishes, sliding doors and higher-than-normal ceilings that have a more “industrial” look.

“That’s really what the clients are looking for now,” she said, adding the first two spaces will be 2,500 and 3,000 square feet.

A marquee tenant of Constitution Square is also expanding its presence in the complex.

Toronto-Dominion Bank’s wealth management group, which already rents the 11th floor of Tower One, recently agreed to lease nearly 17,000 square feet of space on the 16th floor in the same building, Dinelle said, cutting Constitution Square’s total vacancy rate to about eight per cent. Full single floors in Tower I and Tower III are still empty along with a few smaller suites scattered throughout the complex, she added.

The veteran leasing manager, who has worked at Constitution Square for nearly two decades, said Ottawa’s class-A landlords are riding a market resurgence after enduring several lean years. According to commercial real estate firm CBRE, the vacancy rate for class-A office space in downtown Ottawa dropped to 7.1 per cent at the end of 2018, its lowest level in eight years.

Canderel is now posting leasing rates of about $26 a square foot for Constitution Square, up significantly from the same time in 2018, Dinelle added.

“There was a time that we were all competing because a lot of the landlords did have quite a bit of vacancy, but it’s definitely improved,” she said. “Everybody certainly has a lot less availability than they did 12 months ago.”

She said she expects the renovations to the building’s meeting rooms, which are expected to cost about $500,000, to get under way in early July and be completed by the end of August.

https://obj.ca/article/constitution-...ottawa-complex

[J.OT13]

Discussion about pent up demand for more office and industrial space in the city. Basically what they're saying is, yes there is a shortage of office space, but we're not done profiteering off the high demand, so we are ready to sell out Ottawa's potential for personal gain.

Good thing Windmill and Dream (not mentioned in the discussion) are ready to start building at Zibi.

• Video Link

Here's the OBJ article.

https://obj.ca/article/ottawa-real-e...l-space-crunch

[J.OT13]

More on the office space shortage.

Build more office space or risk economic downturn in Ottawa: CBRE’s Hamilton

Davis Sali
May 29, 2019
OBJ

Ottawa’s economy risks running out of room to grow ​– literally ​– if developers don’t step up soon to address a critical shortage of office space in the downtown core and Kanata, a prominent local real estate analyst said Wednesday.

Shawn Hamilton, managing director of CBRE’s Ottawa office, told the crowd at the real estate services firm’s annual market outlook event that at current rates of growth, the city requires an additional 300,000 square feet of commercial space – equivalent to a building almost the size of Performance Court at 150 Elgin St. – in the central business district to meet the needs of the burgeoning “urban tech” sector and other tenants.

In addition, he said Kanata companies are growing fast enough to absorb up to 800,000 square feet of extra real estate over the next five years – an amount that would more than double the west-end tech hub’s current footprint of about half a million square feet.

“Right now, we are on track to be a victim of our own success,” he said during a breakfast presentation at the Westin hotel. “The only thing we need now is room to grow, and it is incumbent on all of us to do what we can to help create more. If we do nothing and run out of space, we risk stifling the growth that we have worked so hard to achieve.”

Ottawa has added nearly 100,000 residents and 46,000 new jobs over the past five years, Hamilton noted. In that same time, businesses have snapped up 2.1 million square feet of office space – 88 per cent of that since 2017 – driving down the vacancy rate to 7.5 per cent.

“The reality is we are approaching the point where low vacancy in the office market is making growth difficult for tenants, whether they’re in the central business district or in the Kanata tech hub, where the rate of growth is higher than in the core,” Hamilton said.

There is even less breathing room in the industrial sector, he added. The industrial market has absorbed nearly two million square feet of space since 2014, pushing the vacancy rate down to just 2.2 per cent.

The 25-year industry veteran called on the city’s largest office tenant – the federal government – to do its part by relocating the Department of National Defence out of the downtown core and shifting other departments closer to the east-end civil servant hotbed of Orl​éans to help free up space for private-sector business growth.

He also urged the city to rethink its plan to hike development charges in an effort to spur a new wave of office and industrial construction.

Hamilton said he understands the financial risks associated with investing tens or hundreds of millions of dollars in new commercial space in the midst of looming global economic uncertainty.

But he argued the long-term benefits of adding to the city’s real estate inventory are worth it, even with the potential for an economic downturn that could saddle landlords with empty office towers down the road.

“I’m reading the tea leaves as they’re put in front of me, and I think we could accommodate this growth,” Hamilton told OBJ after his presentation. “If our projections are off, we don’t have to continue with development, but I think if we had development right now, we would definitely absorb it.”

Looking west to Toronto and Vancouver, Hamilton said those red-hot commercial real estate markets waited too long to launch new office builds and are now scrambling to satisfy pent-up demand for millions of square feet of space.

Ottawa, he added, could soon find itself in the same predicament.

“I think we are where Toronto and Vancouver were two or three years ago,” he said. “We don’t want to wait another six months, a year before building, because I think we will find ourselves in a position where people might abandon growth opportunities in Ottawa because there’s no space coming down the pipe.

“I think we’re in a fortunate position right now that if we start building sooner as opposed to later, we will be able to accommodate the growth that we’re seeing happening in the city.”

Shawn Hamilton joined Colonnade Bridgeport CEO Hugh Gorman on the Ottawa Real Estate Show last month to discuss the office and industrial space shortage facing Ottawa tenants. Watch the full episode below. The Ottawa Real Estate Show is sponsored by CBRE and Mann Lawyers.

https://obj.ca/article/build-more-of...cbres-hamilton

[CityTech]

Isn't DND keeping most of their downtown office space and relocating suburban offices to Moodie instead?

Its kind of impressive that with a downtown vacancy rate at something like 8% a 300,000 square foot office space is still needed.

Good news for Trinity Station. IIRC they are planning to build the rental tower first, maybe with this news they'll build the office tower first instead.

Also a shame Lebreton fell through. With the condo market heating up again and office demand, now would have been the perfect window to start building.

[OTSkyline]

Perfect time for Bayview Giants to start going up