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The Greater Montreal Area (GMA) had a strong start to the year with over 2 million square feet of positive net absorption (compared to 146,600 square feet in Q1 2016). As a result the total vacancy rate decreased for the fourth straight quarter to 5.5 percent. Despite a decreasing vacancy rate, net rents have seen little movement for the last two years. This is partially due to the large amount of vacant Class C inventory in Montreal’s industrial market. Landlords generally want to lease this type of building before selling it, but demand to lease Class C properties remains low.
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