The “flight to quality”: rethinking Montreal’s older office buildings

Chart of Year to date absorption in square feet in Montreal by year of construction
  • The flight to quality is accelerating for available office space on the market. Although overall availability rates have been challenging on the Montreal office market, a clear trend emerges as to which type of buildings are preferred by tenants based on building age.
  • Overall absorption year-to-date in the Greater Montreal Area has been positive for buildings built in the last 25 years, while offices built before this period have been losing occupancy. Absorption is also more prominent for newer class A buildings than class B.
  • Going forward, property owners and managers will need to implement concrete plans for these older properties in order to keep them at a competitive level with the rest of the office market. Some may decide to dedicate these sums to convert their office assets to more profitable use.

June 14, 2024

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