Montreal industrial market report
End of quarter pointing to early signs of stabilization
The Greater Montreal industrial market has performed extremely well again throughout 2022. Leasing and development activity have remained strong, keeping vacancy rates tight and absorption positive. However, the factors that drove the strong demand for industrial buildings have shifted over the past year, namely the economic slowdown expected in 2023.
The overall industrial vacancy rate in the Greater Montreal area remained stable throughout 2022. Top quality industrial space and development sites remain scarce especially in central areas, pushing occupiers to secondary and even tertiary markets.
A record 6.5 M sf of new supply is currently underway, with healthy pre-leasing levels. In the current environment of high financing costs, spec development activity is slowing down.
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