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MARKETS SEEK TO STAY THE COURSE
THROUGH TURBULENT TIMES
MARKET SUMMARY
Overall, the Montreal office market closed the 2nd quarter of 2009 with
an increase in vacancy of 523,183 square feet. In reality, the total of
this increase occurred in the downtown office market, as the suburban market
saw a decrease in its direct vacancy rate from 9.7% to 9.1% or 2,179,510
square feet to 2,046,810 square feet.
The sublet market also saw an increase in its offering as there were 1,012,699
square feet of space available at the close of this quarter compared to
907,624 square feet at the end of the 1st quarter. Contrary to the direct
vacancy availabilities, however, both the downtown and the suburban markets
had an increase in sublet space available. It is important to indicate
here that although there has been an increase in total sublease inventory,
only approximately 50% of this space is actually vacant and available.
A distinction must be made between Montreal’s office market inventory
health and market health. The inventory
is still relatively tight given that there was no new supply being delivered
as we entered the credit crisis and recession; however, absorption (demand)
is negligible especially as compared to the record numbers posted in the
last two years.
Contact Paul Jussaume at 514.866.1900 for more information.
  MTL_The_Knowledge_Report_2009-Q2.pdf
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