Overall Office Vacancy Rates Across Canada Edge up to 6%
Over the course of 2013, the combined Class "A" and Class "B" vacancy rate in Canada's major cities edged up by approximately 1.5 percentage point, from 4.5%-5.9%. Newmark Knight Frank Devencore tracks 972 Class "A" and Class "B" downtown office buildings across the country, which collectively provide just under 210.5 million square feet of space.
- Downtown Montreal office vacancy rates rise to 6.8%
- Tenants preparing farther in advance for lease negotiations
- Development activity improves tenant leverage
Vacancy rates continue to climb in Downtown Montreal
While vacancy rates in the corporate sector are creeping up in downtown Montreal, real estate activity continues to take place at a pace we haven't seen for many years. As detailed below, there are a number of new projects currently being developed, and other projects that are either about to begin construction or are in the pre-leasing stage.
NKF Devencore Real Estate National Office Market Report - Montreal - Spring/Summer 2014