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Positive absorption and strong leasing activity signal rebound
The Greater Montreal Area (GMA) experienced a second consecutive quarter of positive absorption, marking the first time this has occurred in the past four years. Several large transactions were also signed this quarter, which will drive further positive absorption in upcoming quarters. Vacancy has risen 120 basis points (bps) year over year but is no longer increasing at a steep rate, climbing only 10 bps from Q1 2026. Despite strong momentum in leasing activity and absorption, the GMA is unlikely to experience rapid tightening in the short term as the construction pipeline continues to maintain energy