Vacancy rates continue to rise, while asking rental rates plateau

After an increase of 120 basis points since Q2 2022, vacancy rates in the Greater Montreal Area (GMA) were up 0.4% since Q1 2023. Despite vacancy nearly doubling over the past year, the rate remains low in a tight industrial market. Continued rising interest rates and ongoing fear of recession have caused many users to pause and reevaluate their immediate industrial needs. Negative absorption this quarter has been largely caused by slowed leasing activity.

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