The rate has fallen from the last quarter of 2014 despite new supply due to positive absorption of offices. The supply has meant businesses being able to find good rates.
The office vacancy rate in Montreal was seven per cent in Q1 2015 but Colliers expects that activity will slow a little in the second and third quarters.
Lost-style property is of particular interest to businesses; Colliers’ Montreal managing director Andrew Maravita said: “The central districts of the island of Montréal are known for loft-style buildings, which offer affordable rents and are attractive to companies in the artistic community. These buildings can easily be converted into open and flexible administrative offices and are attracting large users to these chic styled lofts.”
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A report by Colliers International shows that the vacancy rate for offices in Montreal decreased in the first quarter of 2015.