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Trophy office availability all but disappears
Office-using employment in Quebec showed signs of stabilization through Q3, with broadly flat year-over-year employment change in July and August. However, performance remained uneven across sectors as continued weakness in finance, insurance and real estate was increasingly offset by strong growth in professional, scientific and technical services. Availability in the Greater Montréal Area (GMA) fell 230 basis points year over year to 15.7%, driven by several significant downtown transactions over 100,000 square feet. Available sublease space continued to decline, reaching 1.6 million square feet (msf) as a result of leasing activity and withdrawals.