Montreal industrial market report
Q3 2024
Market correction nearing its end
Industrial vacancies remain on an upward trend, driven by large spaces of 100,000 sf or more. While downward pressure is still felt on rental rates, the current price correction phase seems to be at an end. As developers reassess their development pipeline for 2025, there is currently 8 msf of planned projects that could readily launch would demand bounce back.
50%
Large-bay properties account for half the available inventory
Of the more than 820 spaces for lease in the GMA last quarter, the 58 options of 100K sf or more accounted for
half of total available space.
half of total available space.
$4.00 to $5.00
Average tenant incentives currently being offered
Landlords are showing greater flexibility at renewals and tenant incentives are more generous,
hovering around $4.00 to $5.00 psf.
hovering around $4.00 to $5.00 psf.
-1.5 msf
Absorption sinks into negative territory
Absorption is sinking deeper into negative territory, with -1.5 msf in the last quarter alone, and more than 5 msf since the start of the year.
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