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Montreal Office Market Report Q2 2022

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research article

The Greater Montreal Area saw a steady increase in leasing activity for the second quarter of the year, as new leases dominate the market after pent-up deals from 2021 were finalized.

  • Although the volume of available space increased this quarter, vacancy remained relatively stable at 14.6% as ‘best-in-class’ spaces were absorbed at a greater rate. The flight-to-quality is especially noticeable among availabilities in the Financial Core.
  • Regionally, net rents were up 5.2% year-over-year as landlords continued to preserve face rates, particularly in the Downtown and Midtown markets where rates grew 5.5% and 3.1%, respectively.
  • Sublease volume declined for the first time since Q1 2020 as a result of spaces being taken back by sublessors, as well as an increase in completed deals.
  • The development pipeline continued experiencing delays, with most major construction projects being delivered later in the year and around spring of 2023.

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Montreal Office Market Report Q2 2022

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For More Information, Please Contact:

Colin Worrell

Senior Managing Director, Brokerage | Montreal

Montreal

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Adam Jacobs

Senior National Director, Research | Canada

Toronto Downtown

Colliers Canada's head of research, leading a cross-country team of 20 mapping, analytics and research professionals. Formerly head of Canada research at Cushman Wakefield and Director of Analytics at Oxford Properties. Featured in mainstream publications such as the Toronto Star, industry publications and podcasts. Specializing in the big picture and the fundamentals driving real estate - demographics, the macro environment and the global economy. 

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