Figures
Montreal Office Figures Q3 2026
Vacancy continues to tighten but recovery is concentrated
October 14, 2026 5 Minute Read
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- Net absorption of 558,000 sq. ft. was the strongest quarter since Q2 2024, lifting the year-to-date total to 816,000 sq. ft.
- Class AAA vacancy dropped 330 basis point (bps) to a record-low 3.0%, leaving 171,000 sq. ft. available across six properties. Direct vacancy is tighter at 1.5%
- Overall vacancy fell 70 bps to 17.3%, a second consecutive quarterly decline and the lowest rate since Q1 2023.
- Q3 2026 activity was specific rather than broad: deals larger than 40,000 sq. ft. accounted for 94.0% of net absorption. Furthermore, Central Core, Midtown, and West Island brought together 573,000 sq. ft. of positive absorption.
- Sublet space fell to 1.1 million sq. ft., down 61.1% since peak and the lowest level since 2020, further distinguishing this period from the pandemic leasing cycle where sublets were a significant driver of vacancy.