Montreal office market report
Q2 2026
Market conditions are rapidly evolving
Availability continues to decline across Montréal’s office market, with limited options in top-tier buildings, although a few large blocks remain available. With no new office projects currently under construction, inventory is shrinking. Completed and underway conversions have removed close to 1.5 msf of class B and C office space from the market, primarily downtown.
While hybrid work remains common, office attendance continues to rise, bringing commute considerations back to the forefront of real estate decisions. Leasing activity in 2026 has been driven by major occupiers, while boosting demand for class A and recently modernized class B assets.
Total availability rate
Total availability declined from 18.4% in Q1 2026, confirming continued market tightening.
Average gross asking rent
Average gross asking rent remains elevated, including $20.19 psf in average net rent.
Absorption since Q1 2026
Positive absorption since Q1 2026 points to modest demand growth.
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