Ottawa Retail MarketBeat H2 2025

Ottawa's retail market experienced rising vacancy and mixed performance across property types in the second half of 2025, with overall vacancy increasing 140 basis points to 4.9% as regional malls surged to 10.3% vacancy following Hudson's Bay closures that added over 330,000 square feet of vacant space. Overall gross asking rent increased modestly by $0.12 per square foot to $41.99 psf, while community malls showed positive absorption and downtown core rents rose to $53.22 psf, though the broader economy faced headwinds with Ottawa's unemployment rate reaching 7.3% and the national rate at 6.5% in November 2025.