Canadian Office Vacancy Rate Hits Record Low

In 2007 corporate vacancy rates—particularly in Class “A” office buildings—continued to drop in most Canada’s major cities. In fact, on a country-wide basis, vacancy rates are as low as they have been since we began tracking the statistics. 

Market Highlights

• Overall Vacancy Rate Reaches New Low
• New Developments in Planning Stages
• Onus on Tenants to Seize Available Opportunities

Enlarge Document    
              

Corporate Vacancy Rate Cut in Half over Past Three Years

Through much of the current decade, the vacancy rate in downtown Montreal’s Class A and Class B office buildings has been gradually dropping, but at a pace that has lagged slightly behind what we’ve seen in most of Canada’s other major cities. This is no longer the case. Since the end of 2004 the overall vacancy rate in downtown Montreal properties has plunged from 10.8% to 5.3%, reaching a new historic low.  We should also note that nearly 1.2 million square feet of Class A and Class B office space has been added to the city’s total inventory during this three-year period.

Enlarge Document

GVA Devencore Real Estate National Portrait - Spotlight on Downtown Montreal, Spring 2008