Most of the Montreal sublet office space that flooded the the market between 2020 and 2023 has been removed now, says a new report from Avison Young.

Building-level historical data indicates that 85% of the total has been removed through sublessors taking spaces back or subtenants renting them, according to the full-service commercial real estate company.

Sublet availability has remained stable since 202 whereas direct available space has increased. After peaking at year-end 2020, sublet space now accounts for 8.5% of total availability.

These findings come after Avison Young previously reported that Montreal trophy-class office availability is on a downswing.

Trophy-class availability dropped to 9.5% in the fourth quarter of 2023, states the company’s quarterly report. That level represented a 50-basis-point decline from the first quarter of 2023.