Colonnade BridgePort’s Hugh Gorman, CEO, was a part of the Ottawa Business Journal’s Real Estate Show panel discussing the shortage of office and industrial supply in the city. Hugh offers his perspective on why the city has been seeing a shortage of supply, stating that “Ottawa traditionally hasn’t been a spec-build market where landlords (construct) buildings and hope that the tenants will come.” Developers need to have a certain amount of pre-leasing secured prior to getting the green light from capital partners to build a new building. On the flip side, Hugh tells us that institutional investors are looking at the Ottawa investment market as an area of opportunity due to the lack of supply offering less competition, especially on the multi-residential front.
Hugh is joined by Shawn Hamilton of CBRE and Daniella Sicoli-Zupo of Mann Lawyers. The conversation was led by Peter Kovessy, Ottawa Business Journal’s head of content.