Despite the ongoing strength of the economy, a few major tenants are subleasing additional space that was never utilized, creating opportunities for tenants that couldn’t find large blocks of space. These new sublets totalize 154 581 sq. ft. Downtown and 90,000 sq. ft. in the West Island.
The scarcity of large loft space has left supply unable to support the sustained demand, pushing the GMA loft vacancy rate to a new historic low of 15.8%, compared to 32.6% 5 years ago.
In 2018, new vacancies could represent an additional 965,325 sq. ft. in the CBD only.