Leasing slows as availability continues to tighten

Office-using employment in Quebec showed signs of stabilization through Q3 2026, with broadly flat year-over-year employment change in July and August. However, performance remained uneven across sectors as continued weakness in finance, insurance and real estate was increasingly offset by strong growth in professional, scientific and technical services. Leasing activity slowed to 0.5 million square feet (msf) in Q3 2026, roughly half the Q3 2025 total and 27.0% below the three-year quarterly average. Availability in the Greater Montréal Area (GMA) fell 230 basis points (bps) year over year to 15.7%, reflecting stronger leasing activity over the previous three quarters. Available sublease space continued to decline, reaching 1.6 msf as a result of leasing activity and withdrawals.

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