Quebec City Office Figures Q1 2025

–       Significant negative net absorption has the Quebec City office market mirroring Montreal’s vacancy, whereas many major Canadian markets saw modest net absorption gains in Q1 2025.

–       A 300 basis point (bps) quarterly increase in vacancy is the result of several tenants in the finance industry vacating space in buildings they’ve occupied for over 20 years.

–       Net asking rents remain stable with Class A gravitating towards the $16.50 per sq. ft. range and Class B hovering around the $14.50 per sq. ft. range.

–       The majority of new vacant space this quarter is located within the eastern portion of Quebec City. These locations tend to be buildings that are harder to reach from the suburbs and have scarce parking.