{"id":1090,"date":"2014-04-24T20:58:00","date_gmt":"2014-04-24T20:58:00","guid":{"rendered":"http:\/\/rf.podcastfixit.com\/index.php\/2014\/04\/24\/downtown-montreal-build-renovate-or\/"},"modified":"2015-06-01T19:41:10","modified_gmt":"2015-06-01T19:41:10","slug":"downtown-montreal-build-renovate-or","status":"publish","type":"post","link":"https:\/\/newscoverage.org\/index.php\/2014\/04\/24\/downtown-montreal-build-renovate-or\/","title":{"rendered":"Downtown Montreal: Build, renovate or bail out"},"content":{"rendered":"

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

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

The real estate investors who will gain from Montreal\u2019s current city core renaissance are the ones who offer quality properties, remarked Claude Sirois.<\/p>\n

\u201cOne of the strongest trends is the return to urban life,\u201d observed Ivanho\u00e9 Cambridge\u2019s<\/b> co-chief operating officer. \u201cThe demand for downtown living has driven the city to develop its core lifestyle amenities\u2014offices, shopping centres and other asset classes.\u201d<\/p>\n

\u201cIt\u2019s not just about diversification,\u201d Sirois suggested. \u201cIt also rests on the quality of those assets.\u201d<\/p>\n

\u201cManagers and owners will have to work harder and invest in their buildings, in order to attract the capital that is currently available in today\u2019s highly liquid international market,\u201d he forecast.<\/p>\n

\u201cMajor customers expect to couple more space efficiency and energy efficiency with an urban lifestyle and advanced technology,\u201d Sirois asserted. \u201cThe best tenants want to locate in the best areas, which benefit new office developments.\u201d<\/p>\n

Ivanho\u00e9 Cambridge itself has banked on the future of the downtown Montreal market. It has invested conspicuously in the city core, with significant work planned for the Fairmont Queen Elizabeth Hotel, Montreal\u2019s iconic Place Ville Marie and the soon-to-be launched 900 de Maisonneuve West office tower.<\/p>\n

\u201cWe see more and more sub-lease and a strong move into downtown Montreal,\u201d Sirois explained. \u201cOwners who are slow to upgrade their office buildings there will have major catch-up to do. That\u2019s why we invested heavily in Place Ville Marie in recent years, and will continue to do so. It competes fiercely with younger buildings.\u201d<\/p>\n

\u201cDon\u2019t expect to see any strong movement in occupancy rates,\u201d Sirois predicted. \u201cThere is also a counter-movement to relocate to new industrial clusters in other parts of Montreal, such as Mile End. The losers will be aging office space in the suburbs.\u201d<\/p>\n

He noted that Montreal is well-placed to profit from global real estate capital\u2019s recent flight to safe havens.<\/p>\n

\u201cThere\u2019s a trend for Asian money to move into European and\u2014increasingly\u2014North American real estate,\u201d Sirois said. \u201cInstitutional and private investors want stable returns, so they value the resilient Canadian market.\u201d<\/p>\n

\u201cLet\u2019s be clear, though,\u201d he cautioned. \u201cThe United States is poised to outperform Canada, where a weaker dollar fails to compensate for poor productivity and excessive household debt.\u201d<\/p>\n

Furthermore, \u201cour aging population limits our ability to take advantage of U.S. growth,\u201d Sirois concluded.<\/p><\/div>\n

<\/p>\n

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

<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

By Robert Frank www.sqft.ca The real estate investors who will gain from Montreal\u2019s current city core renaissance are the ones who offer quality properties, remarked Claude Sirois. \u201cOne of the strongest trends is the return to urban life,\u201d observed Ivanho\u00e9 Cambridge\u2019s co-chief operating officer. \u201cThe demand for downtown living has driven the city to develop<\/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-1090","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nDowntown Montreal: Build, renovate or bail out - 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\/24\/downtown-montreal-build-renovate-or\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Downtown Montreal: Build, renovate or bail out - 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