Contrary to the negative effects of the pandemic in the office and retail markets, industrial leasing momentum continues its upward climb in Q4 2020. Rental rates continue to rise accordingly in all submarkets to record highs as supply for large space users remains scarce. The West Island and Laval submarkets exhibit the lowest vacancy rates both at all-time lows of 0.7% this quarter due to industries such as warehousing, distribution and third-party logistics continue to exhibit astronomical growth leading into Q1 2021 and are driving demand across the GMA. As government lockdown restrictions increase going into 2021, a decrease in demand even for industrial space is expected to slow down.
