Vacancy continues to climb as construction pipeline holds steady

The Greater Montreal Area (GMA) has experienced 3.1 million square feet (msf) of negative absorption throughout 2025, with only one quarter of positive absorption in the last three years. Q4 marked the most significant quarter of deliveries in two years, largely driven by the completion of Rosefellow’s 0.9 msf facility in the South Shore. Vacancy rose 170 basis points (bps) year over year, reaching 7.1%. Despite this continued climb in vacancy, leasing activity remained healthy, with several deals exceeding 100,000 square feet (sf).

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