Ottawa Industrial Figures Q4 2025

‒    In Q4 2025, the overall availability rate increased by 30 bps to 4.9%, driven upwards by the completion of Building D at the National Capital Business Park (NCBP) and introducing 76,000 sq. ft. of newly built industrial space to the market.

‒    Despite this, Ottawa recorded a positive net absorption of 152,000 sq. ft., driven primarily by the delivery of Distribution Stox’s pre-leased space at Building D in the NCBP and the Purolator’s new owner-occupied distribution facility this quarter. Net asking rents remained largely stable, posting a slight decline to $16.66 per sq. ft. quarter-over-quarter.

‒    The construction pipeline remains active as a few owner-occupiers have started projects to expand their existing footprint. Spec builds have been limited, with most developers only proceeding when they have secured some level of pre-leasing.

‒    Uncertainty regarding the Canada-U.S. trade relations continue to be a relevant topic, although its impact on occupiers varies based on exposure to the tariffs. Relative to other industrial markets, Ottawa has shown resilience to the ongoing economic uncertainty due to its comparatively low reliance on tariff-sensitive sectors.