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Montreal Office Market Report Q2 2021

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research article

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.
 

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Montreal Office Market Report Q2 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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