Montreal office market report
Q2 2024
Navigating office space decisions amidst market uncertainty
The volatility in availability rates reflects the uncertainty of office return policies and expiring pre-pandemic leases, prompting space rationalizations, and continued high subleasing. Amidst this environment, tenants nearing lease expiration are weighing their options between renewing at their current locations, where they have strong negotiating leverage for incentives, and relocating to renovated or strategically located buildings, benefiting from newly available spaces and potentially lower improvement costs.
1 in 5
Number of class A listings that are sublets
Despite some stabilization, the proportion of total available space offered for sublease remains at historically high levels.
2010
Threshold for buildings driving positive absorption
Buildings constructed since 2010 have seen positive absorption, while those built before that period have seen negative absorption, illustrating the current year's quest for quality.
2.68
Average number of days workers are in the office
More than two-thirds of companies opt for a structured hybrid formula, equivalent on average to 2.68 days in the office per week.
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