Strong year of leasing activity drives record positive absorption

The Greater Montreal Area (GMA) experienced a third consecutive quarter of positive absorption, with 1.3 million square feet (msf) recorded in Q3 2026 alone. While occupiers taking possession of space leased in existing buildings from previous quarters accounted for the majority of absorption, 0.5 msf of positive absorption was also driven by the delivery of pre-leased or build-to-suit inventory. While vacancy rose 40 basis points (bps) year over year to 7.1%, it remained within a 20-bps range throughout 2026. Leasing momentum continued into Q3, with several significant transactions exceeding 100,000 square feet (sf). While vacancy rates appear to have stabilized, the GMA remains in the early stages of recovery.

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