•The Ottawa office market closed Q4 2017 with a vacancy rate of 10.8% and a positive net absorption of 54,725 sq. ft., representing a marginal decrease in vacancy from Q3 2017. Since Q1 2017, the vacancy has been incrementally decreasing from a 19 year high in Q4 2016.
•2017 closed with an annual total positive net absorption of 508,015 sq. ft., resulting in the highest year total recorded in over ten years. Transactions that attributed to this include Ciena, House of Commons, Flextronics and Calian Group.
The Ottawa-Gatineau region GDP is forecasted to grow 2.5 per cent in 2017 and 2.2 per cent in 2018. This is the strongest back to back increase in over ten years. This is due in part to increased federal hiring, LRT and city building construction, and the Canada 150 celebrations.