The second quarter of 2015 has continued slowly for the commercial real estate market in Ottawa. Colliers International’s latest market report shows that year-over-year sales fell by 30 per cent in volume and 44 per cent in dollar value. Transactions for offices slumped by 70 per cent in total transaction value compared to a year earlier. Collier’s Oliver Tighe doesn’t expect things to improve in the second half of 2015: “The Ottawa commercial real estate market will continue its slow pace throughout the remainder of 2015, given uncertainty regarding the economy and ongoing election campaign.” Colliers forecasts that the election result will have a large impact on the commercial market as businesses wait to see how federal spending plans and policies may affect them.
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