Overall Office Vacancy Rates Across Canada Rise to 7.6%
Economic challenges in Europe and Asia, coupled with the collapse of oil prices and the ongoing decline in the value of the Canadian dollar versus its U.S. counterpart have continued to exert a considerable impact on Canada's economy. A federal election campaign has added even more uncertainty to the mix.
- Availability rate at 15.5% in Downtown Core
- Tenant leverage increasing, especially in older Class "A" buildings
- Many tenants exploiting the workplace as strategic tool
Availability rates continue to rise in Downtown Montreal
Despite the economic challenges being faced in many areas of the country, there's a buoyant mood in the Greater Montreal Area. Major infrastructure work-including the new Champlain Bridge, and a long overdue revamping of the Turcot Interchange-is now underway, and there is a sense that the city is finally asserting its economic advantages. U.S. firms are increasingly demonstrating interest in the GMA, the government is extending its incentive programs for the burgeoning multimedia sector, and the city's upcoming 375th anniversary is generating a number of initiatives.
NKF Devencore, Real Estate National Office Market Report, Montreal - Fall/Winter 2015