Commercial REIT cements deal for 40,000-sf Ottawa commercial property

Commercial REIT cements deal for 40,000-sf Ottawa commercial property

Commercial REIT cements deal for 40,000-sf Ottawa commercial property

True North Commercial REIT announced earlier this week that it has completed the acquisition of a 40,000-square-foot office property in Ottawa.

The commercial space is located at 2300 St. Laurent Boulevard. It is situated on a 3.42-acre parcel, and it is currently under the auspices of the federal government with a remaining lease term of 5 and a half years.

This is just one among the major multi-million-dollar deals currently propelling the Ottawa commercial segment to new heights, CBRE reported in late September.

Overall investment in the city’s commercial real estate in the first half of the year stood at $718.5 million, increasing by 10.2% year-over-year.

Read more: Amazon’s monster distribution centre to arise in Ottawa

In Q2 alone, the market posted $339.5 million worth of transactions, up 10.5% compared to the same time last year.

Total completed transactions in the first 6 months reached a record-breaking 139 deals, which was a decade-high first-half performance level.

CBRE said that these volumes have placed the Ottawa commercial market on track to approach or even exceed $2 billion in 2018, a very strong finish to the year.