Impressive Gains in Ottawa’s Industrial Real Estate
Ottawa’s industrial market saw impressive gains this month. One notable example was the resale of a cross-dock building leased to Dicom Express, a courier company, in the south end. Located at 1792 Queensdale Avenue, this 14,000 sq.ft. building, built in 1968, previously sold in July 2016 for $2.1 Million and resold in February 2017 for $2.5 Million. The 20% increase in price in just over six months is equally as impressive as its sub-6.0% cap rate on the resale, rivalling that achieved in the highly sought after retail market. The bigger picture indicates continued confidence and demand for commercial real estate in Ottawa.