A rush of office purchases helped bring investors back to Greater Montreal’s commercial real estate market during the first half of 2026, although buyers continued to draw a hard line between prized buildings and troubled properties.

Office sales reached $720 million, up 149% from a depressed year-earlier period, according to Altus Group. The unexpected revival helped lift total commercial property investment 38% to $5.7 billion.

Altus described the rebound as a “measured return of confidence supported by disciplined selectivity.” Investors instead largely pursued top-quality offices or older buildings that could be repositioned, leaving less competitive properties behind.

Still, caution remained clearly visible.

Place du Parc illustrated the opportunity and the risk. Alta Canada bought the nearly 570,000-square-foot complex at 300 Léo-Pariseau St. for $48 million, about 30% below its municipal assessment. The building was roughly 40% vacant, but its new owner plans to upgrade common areas and improve cash flow.

Demand was stronger at the top of the market, where declining availability and a lack of new construction made premier offices more attractive. Altus said corporate return-to-office mandates also supported activity.

Apartments remained Montreal’s largest investment category, drawing nearly $2.9 billion. The standout deal was Canadian Urban’s purchase of Laurence Condos at 240-250 Notre-Dame St. W. and 450 Saint-François-Xavier St. for more than $130 million.

Industrial sales also strengthened, reaching more than $950 million. Hydro-Québec completed the sector’s largest purchase, paying $45.4 million for 7000 Hochelaga St. The utility intends to replace the existing building with an electrical substation.