Net absorption of office space in Ottawa 2016-2022 with a forecast for 2023
Due to the coronavirus pandemic and the oil crisis, the office market saw rising vacancies and a fall in leasing activity. In 2022, the net absorption of office space in Ottawa, Canada, was approximately -1.2 million square feet and in 2023, it was forecast to remain negative at -0.28 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 remain negative in 2023.