Overall Office Vacancy Rates Across Canada Rise to 6.6%
Some of the underpinnings of Canada's economy experienced significant changes in 2014, with the precipitous decline of oil prices and the decline of the currency exchange rate chief among them.
- Availability rate currently in 16% range in Downtown Core
- Highly competitive leasing environment brings benefits to tenants
- Development activity greater than it has been for over a decade
Vacancy and availability rates increasing in Downtown Montreal
The steady increase in availability rates continues to be a central story in Montreal's downtown office market. Although vacancy rates for Class "A" and Class "B" properties are now in the 8.6% range, the availability rate-which tracks the office space that may currently be occupied but is nevertheless available for lease or sublet-is substantially higher. In the Downtown Core, for example, the availability rate for all classes of space is at 16%, and 16.4% for Class "A" buildings alone. As recently as mid-2011, the availability rate in Class "A" space in the Downtown Core was only 8.4%.
NKF Devencore - Real Estate National Office Market Report - Spring/Summer 2015