Marcus & Millichap, a commercial real estate investment services firm with offices throughout the United States and Canada, is opening an Ottawa office at 343 Preston St., 11th floor. This is the firm’s fourth Canadian office, including Toronto, Calgary and Vancouver. The new office will be focused on retail, mixed use, office and multifamily in the Ottawa office, says Gary Lucas, regional manager and senior vice president.
“Ottawa is considered to be one of the most stable markets within North America,” says Lucas. “With the most highly educated workforce in the country, very low unemployment relative to the rest of the country and one of the most affordable large cities to live in, the Ottawa real estate market is an attractive investment location for local and international investors.”
“Ottawa has one of the most coveted multifamily markets in the country and the demand for high-quality rental units has seen the development of purpose-built rental units,” says Mark Paterson, Ottawa broker of record with Marcus & Millichap.
The firm says Ottawa’s investment market provides steady and consistent rates of return. Coupled with the weaker Canadian dollar, this creates a desirable climate for both international and domestic investors, it says. The stability of the market also provides a safe place within which to invest capital. Ottawa’s light rail development coming in 2018 has also led to a great deal of interest in the city, both in repositioning of buildings and new developments.
“While office vacancies in Ottawa have been on the increase due to government downsizing, this is likely to recover should a new party win the election and have a different, higher spending approach,” says Lucas.
Victoria Blackburn, a broker at the new office says, “The appeal of Marcus & Millichap to me as a broker is the fact that it brings a unique perspective into the Ottawa market. The focus on real estate investment services and the fact that our office is the latest to become a part of the largest private client investment-centered brokerage in Canada allows me to maximize value and provide optimal results for all clients.”
