Overall Office Vacancy Rates Across Canada at 6%
Over the past twelve months, the combined Class "A" and Class "B" office vacancy rate in the downtown areas of Canada's major cities increased by over a percentage point, from 4.9% to 6.0%. Newmark Knight Frank Devencore tracks 984 Class "A" and Class "B" downtown office buildings across the country, which collectively provide approximately 212.5 million square feet of space.
- Downtown Montreal office vacancy rates jump to 8%
- Availability rate exceeding 12% improves tenant negotiating leverage
- Many companies re-evaluating occupancy standards
Vacancy and availability rates increasing in Downtown Montreal
The biggest story for tenants looking for space in Montreal's Downtown area concerns the rise in vacancy rates that has been taking place over the last two years and the even greater increase in space availability. While vacancy rates for Class "A" and Class "B" properties are now in the 8% range, availability rates-which take into account the office space that may be occupied but is available for lease or sublet-have climbed significantly higher, and currently exceed 12%.
NKF Devencore - Real Estate National Office Market Report - Fall/Winter 2014