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Quebec  + Office  | 
Montreal condo prices rose in the first quarter of 2024.

Most Montreal Office Sublet Space Taken Off Market

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.


Inside The Story

Marie-France BenoitAvison Young Montreal

About Monte Stewart

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.

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