The situation for downtown Montreal office spaces, which seemed to be a slow-motion catastrophe, shows signs of potential improvement. Office availability reached nearly 20% of the stock in the last quarter of 2023, according to a recent report.

A Promising Future?

Price stability in February 2024 could indicate an imminent reversal in demand. Real estate professionals are closely watching these signals to anticipate market movements.

Prestige Category Takes the Lead

Despite reducing office space upon lease renewals, tenants now prioritize quality to attract employees. Modern and spacious areas remain in high demand, particularly in AAA category buildings.

An Opportunity for Lower Quality Buildings?

The trend might encourage tenants of Category B buildings to consider more prestigious options, thus taking advantage of advantageous locations and competitive costs.