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Montreal Office Insight - Q3 2016

​The unemployment rate in the GMA has dropped for a second consecutive quarter to reach 9.5 percent or its lowest level in over 12 months. In the last year, the GMA has seen its unemployment rate drop by 150 basis points with the creation of nearly 14,000 full time jobs across the city. The improvement experienced in the labour market has yet to fully transpose itself to the office leasing market. The delay is causing sustained upwards pressure on vacancy rates across most submarkets in the GMA. On the construction front, one building project was launched and another completed this quarter. On a year-over-year basis, net absorption remains flat in all areas of the GMA and 2016 is expected to end with negative occupancy growth.

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