In 2014, Avison Young acquired Longueuil-based project management firm Roy & Tremblay Inc. providing its clientele with a more comprehensive platform of real estate solutions.

Due to a growing demand for industrial real estate services, Avison Young opened a third office in Ville Saint-Laurent in 2015, where renowned brokerage experts specialize in industrial real estate. Strategically located in the western part of the island, the Ville Saint-Laurent office is located in the largest and most active industrial district in the Greater Montreal Area.

Area Overview

Regarded by many as Canada’s cultural capital, Montreal is the largest city in the province of Québec and the second largest in the country. The city is contained on an island centrally located in the St-Lawrence River, making it the closest major Canadian market to Europe. Montreal also benefits from its proximity to the United States of America, facilitating imports and exports across North American markets.

With a population of approximately 1,704,694, the Island of Montreal is the centre of the Greater Montreal Area (GMA). The GMA includes peripheral municipalities on the North and the South shores of the St. Lawrence River, anchored by larger cities such as Longueuil, Laval, Boucherville, Brossard and Vaudreuil-Dorion. The GMA’s strong economic fundamentals are characterized by a diverse, highly-educated population of 4.1 million. With access to nine universities (including McGill University) and 27 colleges, Montreal provides companies with a solid and versatile workforce. Most residents speak both French and English fluently, with a large percentage also speaking a third language.

Montreal’s main economic sectors include aerospace, pharmaceuticals, engineering, telecommunications, services, technology as well as logistics and transportation. The city is home to the headquarters of many multinational companies, including Air Canada, Bombardier, Canadian National Railway, Cirque du Soleil, CGI Group, Rio Tinto Aluminum, Molson, SNC Lavalin and Saputo. Montreal is also home to several large international aerospace organizations such as IATA, ICAO and SITA.

The city’s diversified economic landscape and strong workforce allows for a healthy commercial real estate market. The North and the South shores of Montreal have allowed for a substantial real estate market expansion over the past decade. Although the city’s retail and office markets have experienced some volatility over the past years due to global economic woes, the industrial and investment markets have remained historically strong.

Markets

OFFICE

Due to its strategic location, its position as the closest major Canadian market to Europe and its role as the economic centre of the province of Quebec, the Montreal office market is among the largest in Canada. With nearly 96 million square feet of office product and a creative, multi-cultural workforce, the city’s office inventory is home to a wide array of companies specializing in professional services, aerospace and engineering, as well as educational and gaming industries.

The Montreal office market offers diversified product, ranging from Class-AAA office towers in the Central Business District to loft-style office space in brick-and-beam buildings in the Midtown areas.

RETAIL

Due to the city’s strong employment levels, its position as a premiere tourist destination and its European flair, Montreal’s retail sector has expanded steadily over the course of time. Sainte-Catherine Street, Montreal’s main retail strip, ranks among the world’s 30 most sought-after fashion retail corridors. The list, which considers asking rental rates as a prime indicator, compares Montreal’s Sainte-Catherine Street with the Champs d’Elysées in Paris, Fifth Avenue in New York, Causeway Bay in Hong Kong, and Bond Street in London.

INDUSTRIAL

With more than 352 million square feet of industrial space, Montreal’s industrial market is the second largest in Canada. Low energy costs (hydro-electricity) and an extensive infrastructure system that links the GMA’s main industrial sectors contribute to the market’s strength. The Port of Montreal is one of the world’s largest inland ports, handling more than 25 million tons of cargo annually. As a result, Montreal has remained an important trans-shipment point for raw materials, consumer goods and machinery. Consequently, Montreal is an important rail city and home to the headquarters of Canadian National Railway (CN Rail).

RETAIL

Institutional investors – pension funds, REITs and public companies have been present in Montreal for decades due to its large inventory base. While institutional investors dominate the office sector, they have also invested billions in the retail, industrial and multi-residential markets. Private investors tend to have stronger footholds in the industrial and multi-residential sectors.