Montreal office market report
Q1 2025
A market getting ready for the upturn
The average availability rate in the GMA recorded a third consecutive quarterly decline in Q1 2025. Demand continues to favour higher quality class A buildings, where large blocks of space are beginning to be more limited. This is encouraging tenants to consider class B options. After having surpassed the 20% mark in the second half of 2023, the availability rate for office buildings downtown is slowly falling but remains historically high. Almost half of all downtown vacancies are concentrated in just 8% of office buildings. Some are not being actively marketed, as conversion or complete redevelopment, is under consideration. These “on hold” buildings create an artificial vacancy, as they are not really available.
3.2%
Decline in availability rate for downtown class B space.
Demand is tentatively starting to spill over into class B buildings, where the availability rate has fallen by 80 bps since last quarter.
18.3%
Average availability rate recorded a third consecutive quarterly decline
The availability rate, which varies between 13.6% on the South Shore and 21.0% in Laval, is lower than at the same time last year for all six submarkets.
500K sf
Office converted or being converted to this point
Projects under consideration are estimated at nearly 1 msf, in addition to the 500,000 sf or so of conversions under way or already completed.
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