{"id":829,"date":"2014-07-21T20:20:00","date_gmt":"2014-07-21T20:20:00","guid":{"rendered":"http:\/\/rf.podcastfixit.com\/index.php\/2014\/07\/21\/pending-balanced-budget-spells\/"},"modified":"2015-06-01T19:41:00","modified_gmt":"2015-06-01T19:41:00","slug":"pending-balanced-budget-spells","status":"publish","type":"post","link":"https:\/\/newscoverage.org\/index.php\/2014\/07\/21\/pending-balanced-budget-spells\/","title":{"rendered":"Pending balanced budget spells opportunity for Ottawa"},"content":{"rendered":"

By Robert Frank<\/b><\/p>\n

\nwww.sqft.ca<\/a><\/div>\n
\n<\/div>\n
\n\u201cThe shovels are in the ground,\u201d enthused Ottawa Real Estate Forum chairman Nathan Smith. \u201cThese are certainly exciting times in the National Capital.\u201d<\/p>\n

The city is coming to the close of more than two-and-a-half years of federal austerity at the same time as it embarks on a $2.1 billion light rail project,\u201d said Cushman & Wakefield\u2019s senior vice president, capital markets. \u201cThere\u2019s already a buzz in downtown\u2014as well as some traffic jams.\u201d<\/p><\/div>\n

\n<\/div>\n
\nSmith observed that the downtown downturn to date, has not been as dire as forecast. <\/p>\n

\u201cOur small industrial market remains Canada\u2019s leader in vacancy and net rental rates, and we expect continued growth in tech as well as in one of North America\u2019s top retail real estate markets,\u201d he added. <\/p>\n

\u201cThe federal government eliminated 15,000 jobs, which had a direct effect on vacancies,\u201d Smith said. \u201cWith Finance Minister Flaherty\u2019s commitment to balance the budget by 2015-2016, those cuts will certainly come to an end.\u201d<\/p>\n

\u201cOverall vacancy has edged up a bit in all markets,\u201d he reported, \u201cand has certainly moved away from the all-time lows that we experienced during the past few years.\u201d <\/p>\n

\u201cMany investors have been in the Ottawa market for quite some time, are familiar with federal influence on market dynamics, and are already looking for opportunities as we move toward the end of the cutback process.\u201d <\/p>\n

Meantime, private developers will continue to respond to the federal government\u2019s needs. <\/p>\n

\u201cThe next big project will be some form of redevelopment of Esplanade Laurier, once its tenants move into 90 Elgin,\u201d Smith predicted. <\/p>\n

More opportunities, he said, are just over the horizon. <\/p>\n

\u201cWith the conclusion of federal government downsizing, there will likely be occasion for large developers and investors to help out, early on,\u201d Smith concluded, \u201cwith opportunities anticipated at Tremblay Road and Tunney\u2019s Pasture.\u201d
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\nNote: This report appeared on pages 14-15 of the Fall 2013 issue of Canadian Real Estate Magazine.<\/i><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

By Robert Frank www.sqft.ca \u201cThe shovels are in the ground,\u201d enthused Ottawa Real Estate Forum chairman Nathan Smith. \u201cThese are certainly exciting times in the National Capital.\u201d The city is coming to the close of more than two-and-a-half years of federal austerity at the same time as it embarks on a $2.1 billion light rail project,\u201d<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-829","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nPending balanced budget spells opportunity for Ottawa - Newscoverage<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newscoverage.org\/index.php\/2014\/07\/21\/pending-balanced-budget-spells\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pending balanced budget spells opportunity for Ottawa - 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