Montreal office vacancy rate highest since recession

The vacancy rate for offices in downtown Montreal has hit a 6 year high with 10.8 per cent of available space unoccupied. CBRE Canada says that the historic average is around 7 or 8 per cent but that the city has yet to rebound from the financial crisis in terms of economic growth and jobs creation; and low confidence has been exacerbated by the technical recession in the first half of 2015. There is more inventory on the way but that this will meet the needs of modern workplaces and the tech sector. CBRE’s Alexandre Sieber told The Montreal Gazette that overbuilding is not an issue, builders are responding to demand for modern offerings: “Montreal is a world-class city. Montreal needs world-class buildings. Our inventory is getting older.”