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Montreal Office Market Report Q1 2022

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research article

Downtown offices struggled to increase their deal flows during the first quarter of 2022, as downsizing, flexible work trends, and increasing availability continue to negatively impact absorption. 

  • Downtown markets continued to see upwards momentum in vacancy even while some tenants were beginning to take advantage of empty pockets of space by expanding into existing locations. 
  • Downtown Class A net rents rose by as much as 11.5% year-over-year (YoY) to $25.35 per square foot, while Suburban office rates of the same class increased by 9.3% YoY. Rising construction costs are expected to put pressure on landlords as they look to provide more ‘move-in’ ready options to attract users back into the city’s core.
  • The consortium of investors led by Canderel in the divestment of Cominar’s portfolio has finalized an agreement on the acquisition of $5.7 Billion worth of commercial assets. Among them were 42 retail and office properties acquired by Groupe Mach for $1.5 Billion.
  • Sublease volume was driven upwards for another consecutive quarter as anchor tenants in the CBD moved to position a portion of their workforce away from the office. Total sublease volume grew 4.6% quarter-over-quarter.  
 

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Montreal Office Market Report Q1 2022

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For More Information, Please Contact:

Colin Worrell

Senior Managing Director, Brokerage | Montreal

Montreal

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Leo Lee

Director, National Research Operations | Canada

Toronto West

Leo Lee is the Director of National Research Operations | Canada and oversees the strategic direction and operations of Colliers Canada Research. He focuses on developing the capabilities of the national research team that leverages Colliers' best-in-class market intelligence and platforms to provide clients with valuable market insights.

Leo joined Colliers International in 2008 and was most recently the Regional Director of Research for Eastern Canada.

He has over 10 years of experience in the real estate market across Canada and New Zealand and draws on his professional experience as a commercial appraiser and real estate consultant.

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