The technology sector continues to drive demand in Montreal as it is an emerging Artificial Intelligence (AI) hub. A third AI conference to be hosted in Montreal was recently announced, speaking to the strength of this developing industry.
Although 501,200 sq. ft. of new supply was delivered this quarter, construction in the GMA still grew by 47.7 % q-o-q. Montreal’s fifth Class AAA building, Maison Manuvie, was delivered downtown this quarter. Only 87,126 sq. ft. remains vacant in the building, which contributed to the very minor negative net absorption of 1,222 sq. ft. felt in the downtown submarket this quarter.
Sid Lee, an advertising agency, announced this quarter its relocation into Ivanhoe Cambridge’s iconic Place Ville-Marie. They will also be involved as architects in the $200.0 million Place Ville-Marie’s Esplanade transformation.