Office Vacancy Rates Hold Steady Across Canada
Canada's economic engine slowed somewhat in 2012, with real Gross Domestic Product growth of approximately 1.9% versus the 2.6% that was recorded in the previous year when the federal government's stimulus programs were more active.
- Office vacancy rates stable at 6.0%
- More new office projects in the works
- Pre-development activity in a number of areas in and around the downtown district
Leasing Activity in Downtown Montreal Slows
With two new office towers underway and a host of other projects in the pre-development phase, the complexion of the downtown Montreal office market is about to change dramatically. Apart from the development of the Bell Canada Campus on Nuns' Island in 2009, the city hasn't seen any major office projects since 2002-2003, when the two phases of E-Commerce Place on René-Lévesque Boulevard were delivered.
NKF Devencore Real Estate National Office Market Report, Montreal - Spring/Summer 2013