Old Montreal and its surroundings, June 2015

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There has been little changes in Old Montreal since 2014 bother than the increase in the number of sublets .Indeed, sublets in 2rdquarter of 2015 still represent 28% of available spaces.
The Old Montreal market still remains an eclectic market with very different buildings ranging from class A to non-listed buildings with both historical and traditional look, some in excellent conditions or other missing care and maintenance. It is very difficult to disentangle and to distinguish bad owners from conscientious owners who ensure an enjoyable stay.
Old Montreal is still doing better than downtown Montreal about its vacancy rate. Indeed, the local availability rate is about 8% for the last 5 quarters versus a rate of about 12% for downtown Montreal.
Some real estate portfolios such as Georges Coulombe management have rates in line with the reality of the market. The maintenance of their buildings, the good cooperation with tenants and respect for heritage of each buildings they manage, their knowledge of the property market in Old Montreal make them a respectable owner. There are also many private owners of smaller buildings that are independent and not always aware of the trends and market realities which makes the transaction of office leasing a real roller coaster ride. The importance of a good market study will assure a fair transaction.

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