Rents , June 2015

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What has not changed are the Net asking rents as they have not increased by more than 1% since 2001. Operating expenses and taxes have contributed to increase the Gross rents which obviously increases the overall bills at the end of the month. Despite the stagnation of net rents, brokers must still work with Landlords to find the necessary incentives to keep their Tenants and to compensate for the average 4% annual increase of the municipal taxes. Tenants have several options in the current market which largely favors them.

According to the Altus Group, in Montréal, the operating costs have increased by an average of $ 0.25 / pc to $0.50 / pc per annum and taxes (all of the tax base) up to 18% from 2011 and 2014 It is not surprising that many tenants decides to move their operations in midtown districts and even decides to establish their headquarters .The Mile End, Mile X, Griffintown and Old Montreal are still neighborhoods of choice for new businesses.

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