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Office market shows signs of stabilization with flight to quality continuing unabated
Office-using employment in Quebec grew by an average of 2.3% year over year in Q3 2025, led by the finance, insurance and real estate (FIRE) industries, which offset job losses in other sectors. The Greater Montréal Area (GMA) recorded 0.8 million square feet (sf) of leasing activity, with most deals concentrated in the Central Business District (CBD) and Downtown South submarkets. Overall office availability rose by 100 basis points (bps) from last year to 18.0%. Class A availability was slightly higher at 18.5% as bifurcation persists between newer and older Class A assets. Within the CBD, Class A availability reached 16.5% while trophy assets held at 12.3%, underscoring the premium associated with modern, well-located buildings. Sublease availability continued to decline, falling to 2.4 million sf in Q3 2025.