Avison Young: Montreal Office Market Will Favour Tenants
Tenants will control Greater Montreal’s office market for the next two years due to high availability, says a new Avison Young report.
Availability is approaching a record 20% after reaching 18.2% in the second quarter. Although uncertainty surrounding long-term effects of the pandemic is starting to dissipate, many questions remain about the amount of space that can adequately support a hybrid work model as some employees work in the office and others perform remotely. Interest-rate increases. As a result, tenants will benefit from having more options at favourable conditions.
Many companies have reduced their office areas by 10% to 20% due to unprecedented upheaval in the workplace and role of the office caused by the COVID-19 pandemic, said Avison Young.
In Montreal, a new norm appears to be setting in as employees spend two or three days in the office, said Avison Young. But nationally, most workers are spending three or four days on their employers’ premises, according to Great West Life Realty Advisors.
Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate.
Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s.
In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star.
Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.