Montreal office market report
Q3 2025
Signs of recovery
Leasing activity continues to show signs of recovery, a trend that has strengthened over the past two years and was reaffirmed in the third quarter of 2025. The availability rate declined by 20 basis points from Q2 to Q3, reaching 18.6%, dropping 40 basis points year-over-year and 100 basis points since the market’s peak in late 2023. Trophy (AAA) towers Downtown reported a direct availability rate of 5.9% in Q3 2025, while class A buildings stood at 14.9. As these prime options are absorbed, class B assets are expected to benefit from the ongoing tightening in the upper-tier market.
Absorption in Q3 2025
Absorption in Q3 2025 is positive at 270,000 sf.
Number of contiguous 50,000 sf spaces available Downtown
According to a recent Avison Young survey, around 20 class A or Prestige towers Downtown can offer a minimum of 50,000 sf of contiguous space.
High-end fit out costs
High-end fit out costs are reaching $150 psf. The current easing of interest rates offers timely support for such investments.
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