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Montreal Market Study - Fall 2008

Canadian Office Vacancy Rate Remains at Record Low

Throughout the first half of 2008, corporate vacancy rates in Canada's major cities continued to track at or near record low levels. However, the deepening crisis in the U.S. financial sector is beginning to cause some economic cautiousness here, so growth has begun to level off in many areas of the country.

Market Highlights

  • Available Office Inventory Continues to Shrink
  • Strong Activity in Office, Commercial and Industrial Sectors
  • New Projects Still Awaiting Major Tenants

 

New Downtown Office Developments on the Horizon?

Might we soon see new office development projects in downtown Montreal? As of the end of June, the combined occupancy rate in downtown Montreal's Class "A" and Class "B" office buildings was just over 95%, so top-quality space is in increasingly short supply. Although the pace of absorption was steady over the past year, the economic uncertainty generated by the financial crisis in the United States, as well as the pending elections in the U.S. and Canada, may alter the business landscape in the months ahead.

 

Devencore Real Estate National Portrait - Spotlight on Downtown Montreal, Fall 2008