Green Ottawa Office Marketbeat Year End 2009


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Ottawa Green Real Estate Market Report

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Green Ottawa Office Marketbeat Year End 2009

  1. 1. OTTAWA GREEN OFFICE REPORT YEAR-END 2009 GREEN CHRISTMAS While many wish for a white Christmas, it seems that Ottawa’s office community will be getting a green one, regardless of what Environment Canada has to say about it. Ottawa has finally gotten it’s very first truly multi-tenant LEED building with the completion of 180 Kent, Cushman & Wakefield Ottawa unveiled Ottawa’s first Green Real Estate Practice for the commercial sector, and as an added stocking stuffer, you are reading Ottawa’s first Green Office Report. This report, which going forward will be an addendum to our quarterly Marketbeat report, looks back on a year gone by and assesses just how Green Ottawa really is. The inaugural Ottawa Green Office Report is a year-end review of just how Green Ottawa’s office landscape is as we close out the first decade of the millennium. To be honest, the results are surprising. When looking at competitive buildings (government owned and single tenant properties removed from the equation) with a Green certification where measures have been implemented to create a Green workplace (BOMA BESt Level 2 and above or LEED), Ottawa has 20 buildings accounting for nearly 4 million square feet of Green inventory. Looking forward, with the introduction of LEED Canada for Existing Buildings: Operations and Maintenance, Morguard has filed plans on an 18-storey LEED Gold office tower project at Bank and Slater Streets ahead of a government tender, and whispers of various other LEED projects in the works, it seems that we are seeing the advent of a whole new building class in Ottawa, the Green Class. GREEN MARKET STATISTICS Overall Direct YTD No. of Vacancy Vacancy Leasing Certification Level Buildings Inventory (sf) Rate** Rate** Activity (sf) Net Rental Rate* Gross Rental Rate* LEED Gold 1 355,000 29.42% 29.42% 250,559 $26.00 $44.24 BESt 4 1 152,918 8.95% 0% 1,122 $26.00 $46.51 BESt 3 6 1,462,757 0% 0% 0 - - BESt 2 12 1,795,677 9.84% 8.67% 116,321 $15.92 $32.46 Total Green Market 20 3,766,352 7.83% 6.90% 368,002 * Rental rates reflect psf/year ** Weighted Average For more information on Green Commercial Building Certifications visit; The Canada Green Building Council: The Building Owners and Managers Association: For industry-leading intelligence to support your real estate and This report contains information available to the public and has been relied upon by business decisions, go to Cushman & Wakefield’s Knowledge Cushman & Wakefield Ottawa on the basis that it is accurate and complete. Cushman & Center at Wakefield Ottawa accepts no responsibility if this should prove not to be the case. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, Cushman & Wakefield Ottawa change of price, rental or other conditions, withdrawal without notice, and to any special Brokerage, Independently Owned and Operated listing conditions imposed by our principals. Green Real Estate Practice Group 99 Bank Street Suite 700 ©2009 Cushman & Wakefield Ottawa. All rights reserved. Ottawa, ON K1P 6B9 (613) 236-7777