Montreal offices, industrials moving in opposite directions

The office market in Montreal is gaining momentum as the industrial sector declines, according to new figures.

A report from Colliers International shows that the downtown Montreal office market increased positive absorption with a drop in the vacancy rate in the second quarter. That rate now stands at an even 5.2 per cent, a drop of 0.4 per cent from the first quarter.

The suburban office market’s vacancy rate in the second quarter dropped even further, declining by 1.2 per cent to stand at 9.4 per cent.

The Montreal industrial commercial real estate market is a completely different story as the Colliers report shows it has entered a slowdown phase across all major industrial regions.

After one million square feet of industrial space was absorbed during the first quarter of 2015, only 19,392 square feet were positively absorbed in Q2 2015.

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