According to the Conference Board of Canada, Montreal’s real GDP is expected to increase by 2.0% in 2019, led in large part by the high-technology sector, and the professional, scientific and technical services.
Q2 recorded 813,049 sq. ft. of positive net absorption, almost twice as much compared to the 443,770 sq. ft. recorded in Q1, a historically strong quarter on its own.
Year-to-date absorption of over 1.2 million sq. ft. is the best performance by the office sector since 2017, reducing Montreal’s downtown office vacancy to 7.5%, the lowest recorded since Q1 2013.
Strong demand is outpacing new construction, resulting in fewer options for tenants looking for large blocks of space over 50,000 sq. ft.