The third quarter saw Montreal’s industrial market continue its momentum from the first half of 2021. Both vacancy and overall availability decreased further to all-time lows of 1.0% and 1.5%, respectively.
- Average asking net rental rates also set a new all-time high, sitting at $8.41 per square foot. This is the second consecutive quarter that year-over-year (YoY) rental growth is 18%.
- Quarterly absorption was just shy of 1 million square feet, the second-highest total over the past two years, only bested by last quarter.
- Average investment sales prices reached $172 per square foot, the highest level achieved this year, and over 50% higher YoY.
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