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Market Report

Ottawa Retail Market Report

1Q 2024

Limited Supply and Wealthier Consumer
Base Support Retail Property Sector

Subdued supply growth aids retail property performance. Ottawa’s current retail development pipeline is disciplined, with under-construction properties as a percentage of total inventory sitting at roughly 1.0 per cent. New supply has also largely been trending down over the past five years, with muted growth expected to continue over the near term. Alongside limited development, as a metro with a high concentration of government employment, Ottawa has seen retail leasing activity hold healthy despite rapidly rising interest rates over the past two years. Looking ahead, Ottawa’s more stable labour market and its fast-growing tech scene support income levels that are nearly 20 per cent above the national average. Coupled with the belief that borrowing costs will fall over the latter part of the year, underlying performance, while stabilizing, should hold as consumer spending is likely to be more resilient in the current high-cost environment.  

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