According to an article published in La Presse on August 19 2023, Montréal veut faciliter la conversion de bureaux – La Presse+, the average office vacancy rate in downtown Montreal is 17%. It could even reach 29% by 2029 according to projections.
Why is it concerning?
A high vacancy rate lowers the market value of the towers that house the offices. The taxes that were levied are reduced, which has a negative impact on the budget of the City of Montreal. To make up the shortfall, the city will have to increase tax rates by introducing new fees. This increase in the tax burden will therefore harm the attractiveness of the city and the retention of talent for the youngest companies.
How to fix the problem?
In order to increase the office occupancy rate, several solutions can be considered. The first is to offer more flexibility to tenants. Hourly or daily bookings could be the solution to part of the problem.
Then, we must make these spaces more attractive and therefore give them visibility to attract companies that could use them sporadically or in the long term. To do this, a varied offer, adapted to the needs of young companies and at affordable prices would increase the occupancy rate.
At Telework, that’s the challenge we’ve set ourselves. Make vacant offices accessible to all and at affordable prices. So, what are you waiting for to be part of the solution?