Montreal industrial market report
Q2 2024
Return of more favourable market conditions in sight
The rise in industrial vacancy and drop in asking rents since 2023 testifies to the market correction from Covid-boom highs. However, sound fundamentals such as falling interest rates and higher GDP growth expected by Q4 2024, combined with a slowdown in new developments for 2024, are expected to stabilize vacancy rates and are pointing in the right direction for 2025.
2.4 msf
Additional availability
Total available space continues trending up in Q2, with an additional 2.4 msf on the leasing market since last quarter. Sublets have however stabilized slightly.
2 years
Average asking rents fall to a level last seen in 2022
Average asking rents are down from a peak of $16.80 in Q2 2023 and are back to mid-2022 levels at $15.70.
4.9%
Higher vacancy levels for larger industrial properties
Average vacancy rates are approaching the 5.0% threshold for properties over 100,000 sf, a reflection of the challenges faced by large industrial properties’ owners. Properties below 100,000 sf are also seeing a new uptick in vacancy this quarter, albeit relatively more modest.
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