Greater Montréal shows positive activity
The Colliers International Q1 2015 Report for the Greater Montréal Area show a decreased vacancy rate in the commercial office sector while the industrial market’s activity remained relatively stable during the first quarter of this year.
“While the office space market in the Greater Montréal Area started slow in 2015, there is a positive absorption, resulting in a vacancy rate downward from the previous year and an availability rate lower than in Q4 2014,” said Andrew Maravita, Colliers International’s Montréal Managing Director. “Because of an oversupply in the market, current and potential tenants are in a better position to improve the terms of their leases, or rent office space of high quality at preferential rates.”
The office vacancy rate for Greater Montréal dipped slightly to just over seven percent in Q1 2015 and Colliers International anticipates the office market slowing down slightly in Q2 and Q3, but then accelerating again toward the end of this year. The decline of the Canadian dollar and a provincial balanced budget could bring new players into the market and 2015 could be a robust year for sales. “The exceptional growth of the office market in suburban Montréal in previous years seems to have quieted, but continues to grow and remain attractive because of prices and affordable rents,” he concluded.