As anticipated, the government’s relaxation of pandemic-related restrictions has greatly contributed to the strengthening of the Montréal leasing market. The Greater Montréal Area saw a rise in foot traffic and sales as a result of the relaxation of travel restrictions and the arrival of summer. Retailers are continuing to put increasing pressure on rental rates, which in turn puts downward pressure on vacancies as they take advantage of these favorable conditions in the second half of the year. Until there is a significant shift in consumer behavior, this pattern is anticipated to continue.
The urban core’s recovery from COVID-19 has undoubtedly been aided by tourism, as evidenced by the Montréal-Trudeau airport’s air passenger traffic finally recovering this year and soon surpassing Q1 2020 activity. Compared to the previous year’s numbers, full-service restaurant activity has greatly increased. Due to rising internet sales, limited-service restaurants continue to experience business growth.
