Business decision makers are moving forward
Large companies are increasingly mandating or incentivizing their employees to return to the office with enhanced office experiences, which could result in a wave of workers returning to the workplace. While it is realistic to expect an increase in face-to-face return to work in 2023, this momentum will not be enough to significantly reduce vacancy rates for a while.
Nearly 15 million sf of office space are currently vacant in the Greater Montréal area, which is almost double the vacancy recorded three years ago. The availability rate has risen to 18%, a 30-year record high.
After reaching 16.5% of the total available space last year, with nearly 3 million sf on the market, the sublet availability rate has now reached its lowest point in two years at 13.4% across all categories.
The National Bank head office will welcome its first occupants in its brand new one million sf skyscraper tower this year. Other than the Bank, very few projects are currently underway.