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Market Report

Ottawa Retail Market Report

3Q 2023

Robust Employment Opportunities Support Retail
Sector in Times of Economic Headwinds

Long-term outlook positive, despite short-term challenges. With the public sector accounting for roughly 30 per cent of all jobs in Ottawa, the metro tends to be more insulated from macroeconomic headwinds due to the stability these positions offer. Even with the recent struggles witnessed within the technology sector, Ottawa is becoming one of the nation’s top tech hubs. Both of these industries offer high-paying job opportunities, and will aid retail spending and leasing activity over the coming years. As a result, underlying fundamentals for the metro’s retail sector are likely to be well supported over the long term despite economic uncertainty on the horizon. This is especially true for more suburban markets as these regions have benefited from the structural shift toward hybrid work. Additionally, the suburban market of Kanata is home to the metro’s growing tech scene. As of the end of the second quarter, this area held one of the lowest vacancy rates and witnessed the highest annual rent growth.
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