{"id":1089,"date":"2014-04-25T13:39:00","date_gmt":"2014-04-25T13:39:00","guid":{"rendered":"http:\/\/rf.podcastfixit.com\/index.php\/2014\/04\/25\/montreal-midtown-gets-massive-makeover\/"},"modified":"2015-06-01T19:41:10","modified_gmt":"2015-06-01T19:41:10","slug":"montreal-midtown-gets-massive-makeover","status":"publish","type":"post","link":"https:\/\/newscoverage.org\/index.php\/2014\/04\/25\/montreal-midtown-gets-massive-makeover\/","title":{"rendered":"Montreal midtown gets massive makeover"},"content":{"rendered":"
\n<\/i><\/div>\n

By Robert Frank<\/b><\/p>\n

\nwww.sqft.ca<\/a><\/p>\n

Montreal\u2019s midtown boom is nothing new to Richard Hylands. He saw it 15 years ago, when downtown Toronto tenants fled to his Liberty Village development there.<\/p>\n

\u201cThe whole Mile X (Mile End-Park Extension) area is transforming very, very rapidly,\u201d enthused Kevric<\/b>\u2019s ceo. \u201cYou have the Royal Bank going in; the university is across the street from us. There\u2019s a lot of stuff happening in that area.\u201d<\/p>\n

\u201cLaurentian Bank did so some time ago, and now TD Bank is consolidating there,\u201d he observed. \u201cThey\u2019re coming from the West Island. They\u2019re coming from downtown. Some are coming from Laval.\u201d<\/p>\n

\u201cIt\u2019s strategically located adjacent to subway and commuter train stations,\u201d Hylands said, explaining that \u201cany future expansion outside of the downtown core has to be public transit driven.\u201d<\/p>\n

\u201cCompanies that set up in the suburbs found that their free parking doesn\u2019t attract employees to work in their call centres,\u201d he said, \u201cbecause those people don\u2019t have cars. So tenants now want buildings close to mass transit, with very large floor plates and a lot of redundancy such as backup power.\u201d<\/p>\n

\u201cIt\u2019s a live-work area, which is really the trend for what corporate tenants want,\u201d Hylands explained. \u201cYou have the Little Italy open-air market nearby, which is a great place to go eat.\u201d<\/p>\n

Meantime, he foresees downtown Montreal facing a rough ride in the not-too-distant future.<\/p>\n

\u201cVery few Montreal tenants have to pay to stay downtown\u2014and they won\u2019t, when they can save half the rent and get LEED gold or silver space in a converted midtown industrial building,\u201d Hylands asserted.<\/p>\n

He expected that unbridled state intervention will cause the downtown hollow-out to gather pace, after the government announced 1 million sq.ft. of new city core projects, Dec. 20.<\/p>\n

\u201cThe rules of the game have changed,\u201d Hylands suggested. \u201cThe normal ebb and flow of supply and demand is hard to adhere to in Montreal, where there\u2019s no competitive process to get the best proposal for the government.\u201d<\/p>\n

\u201cDowntown Montreal already faces a very high level of vacancy, even before any of the new buildings are delivered,\u201d he concluded. \u201cBe it politically or market driven, it remains quite discouraging for private investors in Montreal.\u201d<\/p>\n

\nNote: This report appeared on page 19 of the Spring 2014 <\/a>issue of Canadian Real Estate Magazine.<\/i><\/div>\n

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By Robert Frank www.sqft.ca Montreal\u2019s midtown boom is nothing new to Richard Hylands. He saw it 15 years ago, when downtown Toronto tenants fled to his Liberty Village development there. \u201cThe whole Mile X (Mile End-Park Extension) area is transforming very, very rapidly,\u201d enthused Kevric\u2019s ceo. \u201cYou have the Royal Bank going in; the university<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1089","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nMontreal midtown gets massive makeover - Newscoverage<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newscoverage.org\/index.php\/2014\/04\/25\/montreal-midtown-gets-massive-makeover\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Montreal midtown gets massive makeover - Newscoverage\" \/>\n<meta property=\"og:description\" content=\"By Robert Frank www.sqft.ca Montreal\u2019s midtown boom is nothing new to Richard Hylands. 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