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Just when we thought the Greater Montréal Area’s (GMA) industrial market couldn’t tighten up more than it already has…it did. Net absorption for the quarter was just under 2.4 million square feet, bringing the total net absorption for 2017 in at a whopping 4.3 million square feet. In turn, total vacancy has been pushed down under the 5 percent mark and average asking rents have surpassed the $6.00 per square foot mark. The fourth quarter saw many big box deals being done throughout the GMA. The biggest one to note is XTL’s 330,000 square foot built-to-suit project at 9135 Henri-Bourassa Est in the East End. Their old site in Dorval is no longer functional due to the expropriation of the rail line for the new LRT system, which was used to transport goods in and out.
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