Montreal\u0027s office vacancy rate has soared to 16% as it struggles to recover from the COVID\u002D19 pandemic. Read more.
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Real estate data provider Altus Group Ltd. expects the city’s office-vacancy rate could climb to as high as 29 per cent by 2027 for class A and B buildings, the most prestigious categories of office property.Article content It’s a burden on the city. Passenger traffic at central subway stations is only 70 per cent of the level of three years ago, according to Montreal’s public transit agency. Groupe Mach, which owns prime downtown properties such as the Sun Life Building, observes typical building occupancies of 45 per cent and only 20 per cent on Mondays and Fridays, said President Vincent Chiara.Article content
Orange traffic cones are so ubiquitous that souvenir shops sell small replicas to tourists. Last fall, one-third of the major roads downtown were partially or fully closed, according to the Chamber of Commerce of Metropolitan Montreal.Article content
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Empty office towers show remote-work pain rippling through MontrealMontreal\u0027s office vacancy rate has soared to 16% as it struggles to recover from the COVID\u002D19 pandemic. Read more.
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