Following the unexpected success of Quebec’s vaccination rollout, office tenants across the Greater Montreal Area prepare to welcome their employees back in the office under more flexible working conditions.
- While Class A downtown rental rates decline for a second consecutive quarter, average net rent among Class A suburban space increased to $16.26 PSF, up 4% QoQ.
- Nearly 400,000 square feet of new supply was made available for occupancy in the Mile Ex, South Shore, and the West Island.
- For the first time since the start of the pandemic, QoQ growth in vacant office space is at its lowest after increasing by only 80 bps to 12.3% across the region.
- Downtown reported over 1 million square feet of available sublease space in Q2 2021, accounting for nearly half of all availabilities in the GMA. There is currently 2.2 million square feet of total sublease space.
