As transactional activity ramps up across the region, the Suburban office market has shown a relatively significant amount of leasing activity as tenants favored brand new built out spaces in peripheral markets.
- Despite the increasing amount of vacant space in Financial Core, the Greater Montreal Area saw its lowest growth in vacancy by about 40 basis points, quarter-over-quarter to 12.8%
- The Suburban and Midtown markets registered an influx of tenants with a combined net absorption of 507,714 SF which resulted in a decline in vacant space for the first time since Q1 2020.
- Developers continued to deliver some significant projects outside of Downtown sector, specifically in the Centre East with the delivery of Milwork at 7260 Saint-Urbain and 2601 William-Tremblay at Technopole Angus.
