Montréal

The Montreal office market continues to exhibit a surge in the availability of sublease space as tenants face greater uncertainty from the effects of the pandemic along with increased government restrictions this quarter.

Contrary to the negative effects of the pandemic in the office and retail markets, industrial leasing momentum continues its upward climb in Q4 2020.

The effects of COVID-19 have undeniably re-shaped the way tenants interact with and occupy office and industrial space worldwide. “Working From Home”, a policy that may have been adopted early on by companies in industries that are more technologically advanced, is now mandatory for most businesses forcing them to adapt as the Canadian government grasps with gaining control over the pandemic.

The commercial real estate market in Montreal has never been so vibrant. Local businesses continue to expand and outgrow their premises and foreign companies are gravitating to the Greater Montreal Area (the ‘’GMA’’) to benefit from the relatively low occupancy and labor costs in comparison to Toronto and Vancouver.

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Both the office and industrial markets tighten further this quarter as leasing activity increases and vacancy continues to decrease. Labor market conditions in Montreal remain healthy and are expected to steadily improve.