Net absorption of office space in Ottawa 2016-2023 with a forecast for 2024
Due to the coronavirus pandemic and the oil crisis, the office market saw rising vacancies and a fall in leasing activity. In 2023, the net absorption of office space in Ottawa, Canada, was approximately -1.05 million square feet and in 2024, it was forecast to remain negative at -0.27 million square feet. Net absorption is the total amount of space which tenants moved into minus the total amount of space which tenants moved out of during a specific period. According to the national forecast, absorption is expected to increase in 2024.