{"id":6402,"date":"2017-08-22T16:21:52","date_gmt":"2017-08-22T16:21:52","guid":{"rendered":"http:\/\/newscoverage.org\/?p=6402"},"modified":"2017-08-22T18:57:35","modified_gmt":"2017-08-22T18:57:35","slug":"top-tenants-want-workplace-will-optimize-employee-retention","status":"publish","type":"post","link":"https:\/\/newscoverage.org\/index.php\/2017\/08\/22\/top-tenants-want-workplace-will-optimize-employee-retention\/","title":{"rendered":"Top tenants want workplace that will optimize employee retention"},"content":{"rendered":"<p><a href=\"https:\/\/newscoverage.org\/wp-content\/uploads\/2017\/08\/1c8e3d7.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-6403 aligncenter\" src=\"https:\/\/newscoverage.org\/wp-content\/uploads\/2017\/08\/1c8e3d7.jpg\" alt=\"\" width=\"200\" height=\"200\" srcset=\"https:\/\/newscoverage.org\/wp-content\/uploads\/2017\/08\/1c8e3d7.jpg 200w, https:\/\/newscoverage.org\/wp-content\/uploads\/2017\/08\/1c8e3d7-150x150.jpg 150w\" sizes=\"auto, (max-width: 200px) 100vw, 200px\" \/><\/a><\/p>\n<p><strong>By Robert Frank<\/strong><\/p>\n<p>TGTA Real Estate partner Martin Galarneau has concocted a winning recipe for adding value to office redevelopment in midtown Montreal.<\/p>\n<p>First, find a suitably sized property, close to mass transit, trendy shops and services. Remove the shell and gut the interior, keeping only the solid structure. Add in all-new mechanical systems, elevators and leading-edge energy-saving environmental controls. Keep your needs flexible, to adapt to the tenants whom you attract. Finally, garnish with green space.<\/p>\n<p>The formula has proved profitable for two buildings, totaling some 62,000 sq.ft., that TGTA is currently repurposing, Galarneau said.<\/p>\n<p>\u201cIt was a completely speculative initiative,\u201d he recalled. \u201cWe had a vision: Employee well-being is top-of-mind for ceos. The workplace environment is a crucial determining factor for their ability to attract and retain top-notch staff.\u201d<\/p>\n<p>\u201cWe\u2019re not talking about initial startups,\u201d Galarneau explained. \u201cThe Mile X and Mile End cachet is more A-class. There, we offer the same level of comfort that would be expected of a downtown building.\u201d<\/p>\n<p>From there, TGTA upped the ante with Mother Nature.<\/p>\n<p>\u201cWe gave up 40 parking spots behind the building to build a big park,\u201d he said. \u201cFolks asked me \u2018Are you crazy?\u2019\u201d<\/p>\n<p>\u201cWe capitalized on our location,\u201d Galarneau explained. \u201cThe park that we built connects University of Montreal\u2019s Outremont campus with Little Italy. So we talked to the city and identified how best to collaborate to optimize that corridor. It proved precisely the lifestyle option that quality tenants were looking for.\u201d<\/p>\n<p>The tenant mix uncannily matched what TGTA had expected.<\/p>\n<p>\u201cOf the tenants who have signed, about 50% develop internet video games; 10% are life sciences; 15% design firms; and the remaining 25% traditional businesses like engineering,\u201d he said.<\/p>\n<p>Buoyed by his success, Galarneau is in the process of acquiring another property elsewhere in the city akin to his Mile X project.<\/p>\n<p>\u201cThere are still midtown sites ripe for redevelopment. On the other hand, prices are making it increasingly difficult to buy,\u201d he cautioned. \u201cThis sort of project has to be sensitive to cost for it to work.\u201d<\/p>\n<p>Despite his accomplishments there, Galarneau insisted that ample opportunity remains in the city core as well.<\/p>\n<p>\u201cDowntown Montreal is extraordinarily rich and vibrant\u2014and is becoming more so with as residential development grows,\u201d he concluded. \u201cMidtown development opportunities don\u2019t come at its expense.\u201d<\/p>\n<p style=\"text-align: center;\"><em>This report first appeared in the Spring 2017 edition of Canadian Real Estate<\/em><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Robert Frank TGTA Real Estate partner Martin Galarneau has concocted a winning recipe for adding value to office redevelopment in midtown Montreal. First, find a suitably sized property, close to mass transit, trendy shops and services. Remove the shell and gut the interior, keeping only the solid structure. Add in all-new mechanical systems, elevators<\/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-6402","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Top tenants want workplace that will optimize employee retention - 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\/2017\/08\/22\/top-tenants-want-workplace-will-optimize-employee-retention\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Top tenants want workplace that will optimize employee retention - Newscoverage\" \/>\n<meta property=\"og:description\" content=\"By Robert Frank TGTA Real Estate partner Martin Galarneau has concocted a winning recipe for adding value to office redevelopment in midtown Montreal. 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