Industrial Real Estate Activity Slows
Canada's economy had its challenges in 2012, with real Gross Domestic Product Growth in the 1.6%-1.7% range, compared to the previous year when it reached a relatively robust 2.4%. Federal stimulus programs were less active in 2012, the recovery in the U.S. was only slowly taking root, and world economic conditions remained decidedly mixed.
- Overall vacancy rate rises slightly to 5.9%
- Tenants signing more renewals and longer-term leases
- Modern facilities with 24-foot and higher clear heights remain in demand
Newmark Knight Frank Devencore tracks an inventory of just under 350 million square feet in the Greater Montreal area (GMA), which is distributed amongst just over 7,000 buildings. Montreal's industrial real estate market is the second largest in the country, behind only that of Toronto.
NKF Devencore Montreal Industrial Report - Summer 2013