Nearly half of the vacant office space in Downtown Montréal is concentrated in 8% of the buildings
Nearly half of the vacant office space in Downtown Montréal is concentrated in 8% of the buildings
- There are currently 26 office buildings with more than 100,000 square feet of vacant space in Downtown Montréal. These 26 buildings account for 47% of the vacant space downtown, out of a total inventory of 326 buildings. In terms of square footage, this represents 25% of the total leasing inventory.
- Four of the 26 buildings are large, top-tier office towers with a vacancy rate below 20%. 13 buildings have a vacancy rate between 20% and 50%, often due to large spaces available for sublease. Finally, nine buildings have a vacancy rate in the 50% to 100% range.
- These nine buildings, except for one property in the Cité du Multimédia, are class B properties and were built in the 1980s or earlier. They represent only 4% of the leasing inventory, but 14% of all vacant space Downtown, and 1.7% of total vacancy rate. If we excluded these nine buildings, the Downtown vacancy rate would stand at 14.7%, instead of 16.4% currently.
