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A report last week by the Urban Development Institute and Montréal Centre-Ville found 70 per cent of downtown employees were working from home more than three days a week during the fourth quarter of 2020. Two-thirds say they want to continue teleworking most of the time once the pandemic is over.
The vacancy rate for downtown offices was 12.4 per cent at the end of 2020, up from 9.8 per cent six months earlier, and is expected to rise as leases expire. Hardest hit are the least expensive Class C buildings, where vacancies have risen to 20.3 per cent from 13.8 per cent in the second quarter of 2020, while more luxurious buildings have lost fewer tenants.
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A 25-storey office tower will be built atop the 130-year old Bay store at 585 Ste-Catherine St. W., according to a proposal submitted to Montreal city council.
The Hudson’s Bay Co., which owns the site, proposes to demolish a 1966 addition to the landmark store, which occupies the block bounded by Ste-Catherine, Union Ave., de Maisonneuve Blvd. W. and Aylmer St.
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The plans, on which city council is expected to vote on Tuesday, call for a tiered glass tower rising 120 metres with 63,000 square metres of office space. With an entrance on de Maisonneuve, it will have 116 underground parking spots.