It is again our pleasure that we present to the industry and to the community our annual Commercial Space Directory, in collaboration with the Ottawa Business Journal.
The Directory is a snapshot of many of the properties in Ottawa available for commercial lease, and we hope you find the articles within the Directory interesting. Our theme this year is about how the Commercial Real Estate Industry impacts the local Economy. The articles try to give the reader a sense of the economic magnitude and scope that our industry plays in Ottawa.
Together with Deloitte, we looked at the many areas which the Industry has an impact. The study found that in 2011 alone the commercial real estate industry generated an estimated $2.8 billion in total economic output impacts from spending activity. In addition our industry employs over 17,000 people in various capacities including brokers, lawyers, cleaners etc. and these employees generate income of over $880 million for the local economy.
Most significantly municipal revenue from development charges and property taxes of approximately $611 million was generated in 2011 which represents a significant portion of the local municipality’s revenue for operations.
It is evident that the City of Ottawa’s commercial real estate industry supports and accommodates Ottawa’s sizeable commercial employment base, while generating extensive direct and indirect economic impacts to the Ottawa and broader provincial economy.
We hope you find the Directory useful and interesting. Pierre Azzi President, BOMA Ottawa