Rental rates have stabilized, while vacancy hits new highs due to new construction deliveries

In 04 2023, Montreal's industrial sector demonstrated stability after a period of remarkable growth in the market. Average asking rental rates have shown very little change, decreasing by only 0.5% from the previous quarter. By the end of 2023, vacancy rates rose 190 basis points year over year, hitting a 5-year high of 3.9%. While prior years' rental rates have increased, this noticeable shift in pricing has caused tenants to rethink their industrial needs, pausing any urgency to lease new space.

Read the full English report here

Read the French version of the report here