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Montreal Office Market Report Q1 2021

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research article

Q1 2021 was met with increasing vacancy and availability throughout the Greater Montreal Area. Following a brief period of record low COVID-19 cases, experts predict leasing activity will progressively return to normal by Q4 2021.

  • Overall vacancy is up 110 bps following a consecutive quarter of negative absorption. Total availability reached a record high of 12% in Montreal’s core markets, highlighting reduced physical occupancy in Downtown properties which is likely to continue throughout 2021.
  • Downtown net rents declined by as much as 2.5% QoQ, while market averages increased particularly in Laval, South Shore, and the West Island.
  • Sublease activity reported a 115% growth YoY after more than 1.76 million SF of sublease space came to market.
  • Developers remain optimistic about the future of office space by adopting development trends to accommodate new users looking to operate in suburban markets. 
 

Office Market Report

Montreal Office Market Report Q1 2021

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For More Information, Please Contact:

Colin Worrell

Managing Director, Brokerage

Montreal

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Roelof van Dijk

Senior Director, National Research & Analytics | Canada

Toronto Downtown

As Senior Director, Research & Analytics | Canada, Roelof leads the strategy and operation of Colliers Canada Research, delivering market intelligence initiatives that give Colliers and its clients a competitive advantage. He focuses on developing a high-performance national research team that leverages Colliers’ best-in-class market intelligence to produce relevant insights on local and national market and industry trends that inform client decisions, address market needs and support Colliers’ growth strategies.

Roelof has 15 years of experience covering the Canadian commercial real estate market. Prior to his career in commercial real estate, he also worked as a project manager and urban planning consultant for residential developers across the Greater Toronto Area.

Roelof is regularly cited in national publications, such as The Globe & Mail, CBC News, Bloomberg, Reuters, Maclean’s Magazine and the National Post, as well as in local outlets across Canada.

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