The State of Montreal's Industrial Real Estate: Insights from Colliers EVP Jean-Marc Dube

Montreal's industrial real estate market has faced dramatic shifts—from pandemic-driven rent spikes to today's cautious stability. In this episode of the Espace Publication Montreal Podcast, host Axel sits down with Jean-Marc Dube, Executive Vice President at Colliers, to unpack what's really happening in Quebec's industrial sector and where it's heading through 2026.

 

Jean-Marc shares how rents more than doubled in just a few years, why vacancy has stabilized around 4.5%, and how rising interest rates, tariffs, and global supply-chain disruptions are reshaping demand. He also explores why developers have hit pause on new projects—and how that could trigger a future supply crunch as the market rebounds.

 

🎙️ In this episode:

• Montreal industrial rent trends—from ~$7 pre-2020 to mid-teens today

• Vacancy stability: what 4.5% really means for landlords and occupiers

• 3PL subleases and the evolving logistics landscape

• How interest rates and inventory financing impact operations

• Global factors: tariffs, wars, and the ripple effect on Quebec's economy

• The Class-A shift toward carbon-conscious, energy-efficient facilities

• Why a construction slowdown could drive 2026-2027 rent growth

• Practical insights for investors and occupiers navigating a VUCA market

 

If you're in commercial real estate, logistics, or development, this conversation delivers a grounded, data-driven look at the future of industrial real estate in Montreal and beyond.

 

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