Montreal 2023 Q3 Industrial Market Report

Rental rates show a slight decline, while vacancy continues to rise

Following a 100-basis-point increase from Q3 2022, vacancy in the Greater Montreal Area has risen by 0.4% since the last quarter, reaching 3.0% for the first time since 2019. Despite the rise in vacancy over the past year, the industrial market remains highly competitive. While demand for space has slowed, activity is still historically high. For the second straight quarter, rental rates have slightly decreased, a sign that the market is correcting itself from the overinflated asking rates seen during the pandemic.

Read the full English report here

Read the French version of the report here