As Montreal enters its first phases of re-entry to work, we expect market activity to decrease as space requirements evolve as a result of new measures to safeguard against the spread of COVID-19:
- Average rental rates for Downtown Class A and B products increased quarter-over-quarter, while Midtown and Suburban office space dipped.
- Despite the reduction in total availabilities, vacancy increased by as much as 50 basis points from the previous quarter – highlighted by a net absorption of -494,000 SF.
- The temporary suspension of construction activity led to short-term delays among this year’s expected deliveries. However, most projects expected to be delivered during 2021 and onward remain on schedule.
