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Greater Montreal Office Insight - Q1 2012

Due to strong demand for space, overall market conditions were positive in the first quarter. The increased demand continued to put pressure on rental rates, driving up  the GMA’s Average Gross Asking Rent to $29.40. Overall vacancy in the GMA dropped by 60 basis points in the first quarter, driven by 681,432 square feet of absorption. The West Island saw a significant drop in vacancy, as tenants took advantage of large block availabilities at a significant discount in comparison to the CBD. As sublease space continues to increase and companies continue to reduce their allocated area per employee, absorption will be significantly lower than previously forecasted for 2012.​

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