Downtown Montreal’s office market remains favourable to tenants in terms of space availability, but chances are good a new tower will break ground this year, says Jean Laurin, president and CEO of the city’s Newmark Knight Frank Devencore office.
That’s because large blocks of contiguous space greater than 50,000 square feet remain in demand and may be increasingly hard to find in the downtown core.
“It’s a market favourable to tenants, generally speaking, but if a tenant is looking for 200,000 square feet, then you have less options,” he says. “What we’re seeing is that slowly but surely there’s a small reduction of the number of large blocks of space.
“As space gets leased, the attraction and the interest in putting up a new building become more interesting.”
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