July 03, 2019
Montreal’s real estate sector is more dynamic today than at any time during the past five decades. That’s saying a lot considering years of strong market fundamentals.
The city is ascending on virtually every front, including office and condo development, critical infrastructure overhauls, investment activity, economic conditions, population growth and intellectual capital. Coworking has taken a firm hold, and the evolution of the proptech sector promises a whole range of benefits to commercial real estate investors, managers and building occupants. In 2018, Montreal once again recorded the highest level of economic growth in the country.
Much of the growth can be attributed to artificial intelligence, gaming and app businesses fueling new demand. One of Montreal’s major strengths is its four universities, which not only recruit and attract the best and brightest, but also get the attention of many international investors. And this investor interest extends well beyond Montreal – Canada’s commercial real estate opportunities, overall, are viewed favorably by international investors. The country is considered a safe place to park dollars, given its good investment returns, low security issues, solid banking system and welcoming business climate.
As the largest privately held, employee-managed real estate broker and advisor in Canada, Devencore and Transwestern share many of the same values and priorities. We foster a similar culture of empowerment and collaboration among our teams. And we approach real estate challenges holistically, because finance, operations, human resources, branding and other factors all play a role in a successful real estate strategy.
As in the U.S., trends such as infrastructure improvements and mixed-use developments continue to capture the attention of commercial real estate owners and tenants alike. Montreal’s REM light-rail transit system currently under construction is spurring additional development. The city’s new Champlain Bridge, which was just inaugurated this summer, and the Turcot Interchange revamp will also pay dividends. Meanwhile, in the east end of downtown, Groupe Mach is redeveloping the CBC-Radio-Canada land into the 4.5-million-square-foot Quartier des Lumières. The project is slated to include 3,000 residential units, approximately 1 million square feet of office space, and 600,000 square feet of retail space.
In addition to its headquarters in Montreal, Devencore has offices in Vancouver, Toronto, Calgary, Edmonton, Moncton, Halifax, Québec City and Victoria, presenting opportunities across all industry sectors. Worldwide, we are working alongside our alliance partners to create work environments that are more productive, comfortable, engaging and sustainable. The potential to impact clients’ bottom line through these efforts is limitless.
Jean Laurin is CEO of Devencore, Transwestern’s Canadian strategic alliance partner.
- Global Capabilities
- Transwestern Commercial Services and Devencore Establish U.S.-Canadian Strategic Alliance