Vacancy Rates Fall as Corporate Activity Increases Across Country
Over the last two quarters of 2010, the Canadian economy continued to strengthen and in most cities the worst effects of the recession seemed to have passed. Unemployment figures showed steady improvement, declining to 7.8% by January of this year, compared to 8.7% at the height of the recession in mid-2009, and investment in commercial real estate in the country's major cities generated robust returns, averaging just over 11%.
- Office vacancy rates falling as business confidence returns
- Asking rental rates may increase as space is absorbed through 2011
- Potential new tower development announced
Downtown Montreal Office Market Continues to Rebound
Through the last two quarters of 2010 and the first quarter of 2011, downtown Montreal's corporate real estate market continued to rebound from the 2008-2009 recession. While some of the recession's effects can still be felt-particularly in the suburbs of the Greater Montreal Area-vacancy rates in the downtown core dropped in both Class "A" and Class "B" buildings, and the inventory of larger contiguous spaces (those greater than 25,000 square feet) began to decline.
NKF Devencore Real Estate National Portrait - Spotlight on Montreal, Spring/Summer 2011