MARIO D. MORRONI EMPHASIS ON CREATING VALUE
STÉPHANIE GOULET
MONTRÉAL'S ICONIC
BUILDINGS AS WORKS OF ART
MÉNARD BENZAKOUR DUO AN IMPRESSIVE SUCCESS STORY
TOP 60
TOP REAL ESTATE TRANSACTIONS
YEAR IN REVIEW 2022
POINTE-NORD COMMUNITY ON NUNS’ ISLAND
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On the front page of this issue, Mario D. Morroni, President and Chief Executive Officer of Cominar, is preparing to redeploy that renowned Québec flagship. With several large-scale real estate assets, a rejuvenated board of directors, a revamped management team and challenging projects underway, Cominar is beginning a new chapter in its history. In short, the firm is in growth mode.
Our series of articles on dynamic Québec real estate professionals presents the impressive story of Patrice Ménard and Sanaa Benzakour, co-owners and founders of the PMML agency. In November 2022, the two leaders of this agency received not one, but three awards of excellence.
Artwork in our buildings contributes to the well-being of employees, maintains the brand image for visitors, and is also an investment. Journalist Nathalie Savaria met with artist Stéphanie Goulet, who paints the most beautiful buildings in Montréal. Her works are increasingly adorning conference rooms, particularly those of Montréal's major developers, contractors and building owners.
To promote sustainable modes of transport, car-free neighbourhoods can be part of the solution. But what are the winning conditions? The Québec Institute for Urban Development recently unveiled a study on the subject and invited the mayors of Laval and Québec City to discuss their urban vision. Here is journalist Nathalie Vallerand's report.
You will find several other articles and columns of interest in our pages, not to mention the economic retrospective and the Top 60 recent real estate transactions, compiled by Altus Group.
In closing, I would like to welcome our new English-speaking readers, who are receiving the digital English version of Magazine Immobilier Commercial for the first time. I hope that you will enjoy, as we do, following real estate activity in Québec every two months, including news of its major players and business opportunities.
Enjoy your reading!
Jacques Boisvert Publisher3 WORD FROM THE PUBLISHER Another
21 MEET THE ARTIST – STÉPHANIE GOULET
12 DATA + FACTS = SMART INVESTING
Real Estate Industry – Year in Review 2022 Montréal and Québec City
26 SUSTAINABLE DEVELOPMENT
The G of ESG – How are good governance factors evaluated?
31 REAL ESTATE DATA
Prudence is Advised
32 TOP 60 REAL ESTATE TRANSACTIONS
44 PROPERTY LAW
Confrontation between a no-build easement and a municipal bylaw
50 WORD FROM THE IDU Real estate and climate change: It's happening... right in my backyard!
REAL
56 REAL ESTATE ANALYSES
Hydro-Québec’s supply plan – Managing new demand for Electricity
58 COMMON AREAS After the Storm
68 WOMEN WITH EXPERTISE AND INFLUENCE
The Shopping Centre Customer Experience –Defining the Future
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MARIO D. MORRONI
Since his appointment in May 2022 as president and CEO of Cominar, Mario Morroni has set his sights on rejuvenating this star of the Québec commercial real estate industry, setting a new course after a turbulent period.
ith a new board of directors and a new management team developing new projects, Cominar has embarked on a new chapter in its history, and the president and chief executive officer is actively spreading the message..
FROM POLICEMAN TO CEO
Mario D. Morroni's path to real estate was a multifaceted journey.
After receiving a Bachelor of Commerce degree with a major in finance from Concordia University, young
Mario worked for a short time as a headhunter for a recruitment firm before signing up for the Montréal Police Service training program. After completing the intensive training, he joined the police force in January 1995. "I started out in downtown Montréal at Station 25, at the corner of St. Mathieu and de Maisonneuve."
About three and a half years later, he joined the Montréal Police Brotherhood union as secretarytreasurer and member of the board of directors, before moving on to the Police Officers' Retirement
and Benevolent Association. He served as its vice-president from 2001 to 2010, and managing director from 2010 to 2014. In that role, he was responsible for its multi-asset investment strategy and for overall administration of the pension plan, which had over $4 billion in assets under management.
With that impressive professional background, he then joined Ivanhoe Cambridge, the real estate subsidiary of the Caisse de dépôt et placement du Québec. From 2014 to 2018 he served as executive vice-president, Strategy and Capital Allocation, and from 2018 to 2022 as executive vice-president, Industrial, for North America. "I'm proud to say that in four years we went from about $1 billion to over $9 billion of assets under management [...]. That was probably the high point of my accomplishments with my team at Ivanhoe
Cambridge. We were able to create value in the best sectors at the best possible moment."
The position of president and chief executive officer of Cominar came at an opportune moment in his career. As an experienced executive, he was pleased to be able to bring his knowledge, expertise and management style "to help the consortium realize its strategic vision in a way that allowed employees to flourish within the context of a smaller company,"
On March 1, 2022, the 310 properties under management at the real estate investment trust created in 1998 by Jules Dallaire were sold to three purchasers. The Mach Group acquired 40 commercial and office buildings, Blackstone bought 190 industrial buiildings, and the consortium of investors led by Canderel purchased
Cominar and a portfolio of 80 office and retail assets for $5.7 billion. As for the workforce, it was reduced from over 500 to 225 employees.
"I won't hide the fact that when my appointment was announced in the media, several people called to congratulate me for joining Canderel."
While he believes that the complexity of the transaction is probably at the root of that misunderstanding, he hastened to add that the company "is alive and well and will continue to evolve." In December 2022, the Cominar portfolio consisted of 73 properties under management – 49 office buildings and 24 retail buildings.
His mandate is to "reposition the portfolio so that it continues to grow, not in terms of the number of assets, but in terms of quality," so as to create value and to generate returns on investments.
The repositioning is taking place in three phases. "We are already in disposal mode for certain non-strategic assets. We are also proactively managing targeted assets that we need to take to another level. At the same time, our development team is working on a dozen major projects to present to municipalities, so that over the next 12 to 18 months we will be able to recycle our capital and create value."
"Now that we are a private firm and no longer a publicly traded company obliged to post quarterly results, Cominar is able to focus on a medium and long-term approach. "It's often the case that companies, once privatized, have greater strategic latitude, which helps them concentrate on creating value."
Despite a difficult economic context and a possible recession, Mr. Morroni notes that the firm's substantial assets attract private investors with long-term time horizons, people who are willing to support the company's approach.
Cominar's vision emphasizes the creation of urban communities based on densification and mixed-use spaces. More specifically, it aims to create assets and spaces located near mass transit, with shopping, green spaces and bike paths, communities that meet the needs of all generations. "In every major country in the world, this is what people are asking for," said Mr. Morroni.
Consequently, in November 2022 the firm announced the launch of Mostra Centropolis in the heart of the Centropolis complex in Laval, to be built in partnership
with Cogir and Divco. The project will consist of two rental apartment towers (12 and 15-storeys) of 193 and 170 units, one of which will include commercial spaces on the ground floor.
Also in Laval, Cominar has its eyes on Centre Laval and Quartier Laval. In Montréal its sights are set on the Rockland Centre and Central Station, a flagship asset that will be home to a REM station, part of the future rapid transit network. Different scenarios are being studied. As he notes, "This is an incredible opportunity to change the Montréal landscape,"
In Québec City, Cominar plans to build a transit-oriented shopping district called Îlot Mendel near the future tramway in the Duplessis neighbourhood, where IKEA and Décathlon have already set up shop.
To carry out his mandate, the president and CEO established a new management team. It will be a dynamic addition to a solid base, thus forming "a good mix of talents and expertise."
He has reassured the remaining staff that the consortium of new owners insisted on keeping the Cominar name, as the company is a brand renowned for its skilled and experienced people. "I told them that I can't reinvent the past, but I can help you navigate the future. And that's where we're going to go together to create value."
To that end, this inspiring and unifying leader (who was inducted into the Canadian Ball Hockey Hall of Fame in Toronto in 2005), encourages collaboration and backand-forth communication. Team meetings and crossfunctional collaboration sessions are on the agenda, and the organization held its first Leaders' Forum this past autumn, bringing together some sixty individuals from various departments and from all across Québec.
Also last fall, Cominar went into hybrid mode, with personnel back in the office three days a week. "Innovation, collaboration and talent development cannot be done on screen," he said.
Mario D. Morroni stated that for this new chapter of Cominar's history he would like to see the firm "recognized as a quality operating platform that focuses on proactive asset management. We really want to participate in creating modern living environments that meet the needs of the community and our investors, but most especially the needs of those who use our spaces. Real estate, as we know, is changing rapidly. We have to be agile. We have to challenge ourselves to think differently."
The pandemic has left its mark on the real estate market, which is also coping with successive increases in interest rates. While most of the indicators were upbeat last year, we can expect strong headwinds over the next 12 months. Some segments are doing better than others. A look at current perspectives as we review 2022.
In late 2021 and early 2022, a return to normalcy was beginning to take shape after several months of turbulence. With a very active market and growing investor confidence, things seemed to be returning to normal after a forced pause.
The Canadian economic outlook quickly deteriorated, however, due in part to successive interest rate hikes set by the Bank of Canada. In order to fight inflation the Canadian central bank initiated a bullish cycle, which led to a rapid rise in interest rates and a correction in housing markets.
In addition, rising construction costs and labour shortages (both already present) continued to grow. As a result, dark clouds gathered in a sky that had been clear at the beginning of 2022.
Thus, during the first six months of the year the dollar volume of sales indicated that the 2021 levels could be reached and even surpassed, despite the rise in interest rates since March 2022. In fact, when comparing the first two quarters (Q1 and Q2) of 2021 to those of 2022, the increase was 48% in Canada and 68% for Greater Montréal. Sales volume for Québec was historically high, at approximately 450 million, but that was nonetheless a decline compared to 2021, when 620 million sales were recorded in two quarters. During the same period, sales volume for office spaces increased from 5% to 14%, and sales in the industrial sector from 22% to 24%. On the other hand there was a decrease in volume for all other types of assets, even for multi-residential buildings and land.
There has also been a rebound in long-term Canadian bond yields, compressing the real estate premium from 339 points to 179 points between Q3-2021 and Q3-2022, the lowest level in the past 15 years.
At the same time, average yields for the four Canadian asset classes trended upward. The two additional increases in the interest rate during the last quarter of 2022 will certainly have an additional effect on the returns required by investors.
Construction costs also continued to rise in the first half of 2022, following a sharp increase in 2021. Strong demand, long procurement times and labour shortages have been major contributors. Ultimately, this presents an additional challenge for developers, especially when costs rise during construction, making pro formas more difficult to achieve.
Let's take a closer look at how 2022 played out in the Montréal and Québec City real estate markets.
Multi-residential, New Condos and the Resale Market
Housing starts in the Montréal census metropolitan area (CMA) peaked at 32,000 in 2021. For 2022, it was expected that volume would be equivalent to that of 2019-2020, i.e., approximately 26,000, a decrease that will most likely continue in 2023.
In terms of rental unit starts (traditional plus private seniors' residences), they broke records in 2021, accounting for over 60%. Given the rising cost of financing, construction and land prices, however, that proportion is also expected to diminish in 2023. Some multi-residential projects may even be converted to condominiums.
Multi-residential remains an asset in demand. Investors are mainly attracted to new buildings with at least 80 units of good quality, both on and off the Island. But an expected increase in yields of at least 25 to 50 points on the overall discount rate (ADR), due to the increase in interest rates, could change the game.
The good news? Buildings are showing vacancy rates below 3%, despite the many new construction starts in recent years. In midtown and the suburbs, the market is still very tight. In the downtown core, only 25% of projects still offer incentives of free months of rent for a two-year lease. In September the recovery was solid, helped by the return of students. Average rents for new projects have increased by about 5% annually for the past two years.
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As for new condos, the inventory available for immediate occupancy is very low, as low as five and seven condos available for immediate possession on the North and South Shores! The same trend has been observed for several quarters in all markets with the exception of downtown, where there are only 103 new units available, which is still very low compared to overall volume.
As regards prices, new projects in the downtown west area range from $1100 to $1200 per square foot, which is about 10% higher than 2021. The North Shore has the lowest prices, followed by the South Shore and the rest of the Island of Montréal.
As for land prices, for the past two years they experienced a strong increase of about 15% annually. But with the tightening of the market, that trend will be reduced and we could see a decrease in the volume of sales.
There has been very little investment activity in shopping centres. In 2022 there were only four transactions of $20 million or more in Greater Montréal, three of which were shopping centres with a supermarket.
Nonetheless, it is clear that despite the closures, the 2020 lockdowns and the various constraints imposed afterwards, retail sales in Québec remained fairly stable in 2020 (-0.1%) and jumped dramatically in 2021 (+13%). Data for the first two quarters of 2022 are consistent with this. However, consumer confidence remains fragile, especially in light of inflation and rising interest rates.
In 2022, there was a decline in the volume of office transactions in Greater Montréal. The uncertainty surrounding the use of space due to teleworking is weighing on this market segment. As a result, availability steadily increased to 17.5% in Q3-2022 in Montréal. The largest increase was in Laval, followed by downtown Montréal and its 50 million square feet of office premises. Availability there since the start of the pandemic has reached nearly 4.4 million square feet, a worrying increase. Nevertheless, prestige buildings and new construction have fared better than other categories.
While teleworking is here to stay, one wonders what impact it will have on the office market. As things stand now, buildings are effectively
30-40% occupied, and we have seen several recent leasing deals involving a reduction in square footage. Therefore, increases in availability are to be expected at lease renewal time.
This also puts downward pressure on effective net rents. While some landlords are trying to keep them as high as possible, they now have to provide more incentives to rent.
With very little availability and high demand, the industrial sector is a very hot market, a situation observed in almost every major urban centre across Canada.
Rising rents, rising costs and a scarcity of available product have driven unit values to record levels, more than doubling in the past five years. Land prices are also on a dramatic upswing, with available, well-located space becoming scarce in all regions, especially as the supply of municipal industrial land is now virtually depleted.
That lack of inventory is exacerbated by the large land areas required for mega-distribution centres and the new requirements for industrial buildings in the technology field. Rents are steadily increasing given the limited space available for lease, with single-tenant rent rising 21% in 2022 compared to the previous year.
However, the surge in rents may be slowed by the City of Montréal's new 2023-2025 assessment roll. It could generate a 50% tax increase over three years in the industrial sector on the Island of Montréal. In addition, the Court of Appeal's decision on the inclusion of additional equipment (generators, refrigeration units, batteries, etc.) in the municipal assessment could change the situation.
As in Montréal, in early 2022 the forecast for the Québec City real estate market looked bright and promising after two years of pandemic gloom. By autumn, however, the situation had changed radically.
For the past four or five years, the multi-residential market has been leading the way in terms of development. After a record 5,000 housing starts in 2020, more than 7,000 rental units were built in 2021, an increase of 40%!
Compared to Montréal, the number of new condo units is still relatively insignificant in Québec City, although it is experiencing a slight resurgence in popularity due to rising rents in new rental projects. Activity was strong throughout the territory, even in the areas far from the centre, and there were several major transactions.
The many projects underway create demand for land to be developed. Fortunately, there are still opportunities to densify the territory, which tends to stabilize prices.
However, the impact of rising construction costs and interest rates is being felt, even in the multi-residential market, a niche that has been growing strongly for several years. For the moment, the vacancy rate remains very low and demand is still high.
This is reflected in rents, which rose in 2022 and are expected to continue to do so in 2023. As for yields, they began to rise from the beginning of the year, a trend that has been observed throughout the year and is expected to continue into early 2023.
Like Montréal, Québec City has experienced spectacular growth in retail sales. But here again, consumer confidence is beginning to be seriously eroded by rising inflation and interest rates. Buildings offering local services fared best during the pandemic and continue to be popular.
The market saw little movement in 2022, other than the sale of the Cominar portfolio and the sale of two other commercial properties. As for yields, they are rising and could continue to do so in the months to come.
Public service and institutional occupants have been a major asset to Québec City's office market, helping to stabilize it. But the way space is used has changed dramatically since the pandemic, and the effect of teleworking is still difficult to measure. There is a desire to occupy less square footage, but without sacrificing performance and a sense of belonging, especially in a context of labour shortages. At the same time, employees are not ready to return to the office five days a week.
Large institutional occupants account for almost 23% of total leasable space, and their square footage decisions will necessarily influence the market in a significant way. If the square footage occupied by these major occupants were to be reduced by 20-25%, the office market in certain areas of the city could suffer, particularly around the National Assembly and in St. Foy.
However, with unused space not yet back on the market, the availability rate remained stable until the first quarter of 2022. The situation worsened thereafter, with a one percent jump to an average of 9.2 percent, with a higher rate in the downtown area. Another harbinger of a likely increase in vacancy, the percentage of total available space
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offered for sublease increased significantly in early 2022. For the moment, it is still too early to tell which way the market will go.
Unsurprisingly, effective net rents are down which, combined with rising construction costs, leaves little room for new office tower projects.
These conditions are also having an impact on investment, as the volume of transactions in the office segment was quite low in 2022. Consequently, the office market is expected to remain sluggish for a few more years.
The industrial market is on a roll, supported by low availability, lack of land and rising rents. The conditions are ideal for new construction, but there is a shortage of available land, and land at reasonable prices is located too far from the central core. The labour shortage encourages many companies to stay in the central areas to remain attractive, which pushes up the prices of buildings located in that zone.
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The scarcity of product has also meant that transaction volumes have been relatively low in recent years. As for yields, there has been no recent increase.
In conclusion, for both the Québec City and Montréal markets, several factors could have an effect on real estate. Among them are the significant increase in financing and construction costs, the anticipated demographic growth that could accentuate the housing shortage, teleworking and hybrid work, strong pressure on the industrial market and the probable arrival of a recession. All of these factors will be on our radar in 2023.
Altus conducted a major survey in November 2022 of clients and partners across the country. Among other things, we asked them about their strategy for dealing with rising interest rates. Three trends emerged:
30% of respondents are considering increasing unit prices for their projects; 49% of respondents are thinking of reducing the number of projects planned; 73% of respondents are planning to put projects on hold.
Most respondents (64%) also indicated that they had revised their expectations for the overall discount rate (ADR) and internal rate of return (IRR). For example, they believed that AGRs would increase for office and retail assets in both major urban markets and secondary markets due to rising interest rates. Less change was expected for industrial and multifamily residential assets, particularly in large urban markets.
As soon as you walk in the door, you are dazzled by the light coming from the big windows of her studiogallery located on the Lachine Canal in a building that in years past was a Simmons Mattress factory.
A large-format piece in the room immediately catches the eye. It presents a breathtaking view of downtown Montréal. In a multitude of strokes and details and with a very personal touch, Stéphanie Goulet gives new life to buildings of brick, steel and mortar, turning them into veritable characters that trace the architectural and historic evolution of the city.
Four years ago, this professional with a flourishing career made the courageous decision to devote herself full-time to her art. The call of the brush, the appeal of creating exciting visual works, was too strong to resist!
THE ARTIST'S PATH
Stéphanie was interested in art as a child, and began painting at age 12 after meeting the wildlife painter Régis Vézina.
When it came time to decide on a career she abandoned the idea of opening her own art school, as she felt she was too young and unprepared. She studied graphic and multimedia arts at the University of Québec in Abitibi-Témiscamingue, and went on to complete a Master's in graphic arts in Toulouse, France.
"I made graphic design my profession. For about 15 years, I worked for companies in the fashion and cosmetics industry designing packaging, advertising and also clothing."
She put her career first, setting aside her artistic pursuits. But the more time passed, the more urgent the need to create, its presence a constant percolating desire. "I spent a few years establishing myself as a graphic artist. I knew what I wanted to do but didn't know how to go about it. Like a lot of artists, I think it's knowing what I'm going to paint, how I'm going to paint it, and then how I'm going to make it unique, special."
Stéphanie Goulet had also worked for engineering and industrial design firms, and is a skilled master of the computer-aided design program AutoCAD, technical skills that distinguish her from most artists. Her work also included travelling to other cities in Canada and the U.S., which she found inspiring.
The penny finally dropped during the dismantling of the Champlain Bridge and the construction of its replacement, along with an upgrade of the Turcot Interchange. "I was stuck in traffic every day, gazing at the machinery, the cranes, the concrete and all that. I found it quite beautiful."
She began taking photos and became a big fan of the new Samuel de Champlain Bridge. The emotion came from the vertigo she felt when looking at that steel giant up close. While she found the sensation of dizziness frightening, "at the same time that emotional response was magnificent. I realized that I felt the same thing when walking the streets, gazing up at skyscrapers [...]".
Everything fell into place in less than a year, and Stéphanie Goulet officially established herself as a painter in 2018.
She had found her subject matter and in the process, her artistic signature. The bridges, buildings and iconic sights of Montréal, such as the Farine Five Roses sign and the cross on Mount Royal, are at the heart of her work and are her source of inspiration.
To convey and accentuate the feeling of vertigo she experienced, she gives an angular effect to all her works, with the buildings always leaning in a certain direction.
The artist works in her studio every day, creating her paintings from photos she has taken while walking the streets of the city at various times of the day. "If I want to portray Mary Queen of the World Cathedral from a particular angle, I go there and wait for the right sun, the right light, the right sky."
Calm and silence reign in her paintings, which are devoid of cars or passersby. "I want the buildings to speak."
A visit to her website shows that she has combed the city from top to bottom, painting the Jacques Cartier Bridge, the former Molson Brewery, the blue parasols on Clock Tower Beach, the grain elevator Silo 5, the Queen Elizabeth Hotel, the Ritz-Carlton Hotel, the renowned Orange Julep drive-in restaurant and other distinctive sites.
To promote her work the Montréal artist relies on her marketing skills and uses social media to present the day-to-day evolution of a painting, from the initial sketch to the finished work.
On her favourite showcase LinkedIn for example, she has more than 16.000 contacts! It's where she recruits the majority of her
clients such as the real estate development firms Broccolini, the Mach Group and Montoni Group, and the property management firm the Petra Group. "98 or 99% of my clients are building owners or people who are involved in or working on buildings […] In general, my paintings are destined for the lobby, conference rooms or corporate offices. That's really my target market."
She receives her clients in her studio, as she rarely exhibits her work in art galleries. "I wanted to create a meeting place where we can discuss paintings in progress and future projects."
As with any artist, the creative work is always an evolving process. The former wildlife illustrator has even resurfaced in a recent work. It features a flight of Canada geese in the early morning, with the city centre in the background.
She is thinking of exploring other cities she finds inspiring, such as Toronto and Québec City. Montréal, however, will always remain her favourite. "I put it in the same category as New York, It has a unique multicultural flavour and cityscapes where you find the old alongside the new. Mix that together and it's beautiful."
For more details about Stéphanie Goulet and her work, visit: Stéphanie Goulet | Artiste peintre (gouletart.com)
Construction of the first of two Evolo NEX towers began in November 2022, an important milestone for Proment. The real estate development firm is now on the seventh and final phase of its Quartier Pointe Nord project, which began in 2010.
Located at the northern end of Nuns’ Island, Quartier Pointe-Nord offers its residents an exceptional environment on the riverfront, just minutes from downtown Montréal. The European-inspired development is a combination of high-rise condos, six- and seven-storey mid-rise buildings, townhouses, local businesses, green spaces and active transport, all of which encourage neighbourhood gathering and community spirit.
When the last two towers of the project are completed six years from now, the neighbourhood will include some 2,200 housing units with a total value of approximately $700 million, according to the developer. Proment is the main builder on Nuns’ Island, with a track record of more than 6,000 condominiums and houses.
Called Evolo "NEX", for their connection to the river and downtown, the two towers will be within walking distance of a future REM station. A Nordic spa, a space dedicated to urban agriculture, a garden courtyard, swimming pool, reception hall and lounge are among the common areas planned. Residents will also have access to shared work spaces, including a meeting room, an addition resulting from the pandemic.
"We learned from COVID-19," says Ilan Gewurz, executive vice-president of Proment. "Some units were redesigned to include an office area. And we replaced balconies with loggias, to allow people to enjoy the outdoors longer."
Evolo NEX 1, currently under construction, will feature 258 units with 1 to 3 bedrooms that will be delivered gradually between autumn 2024 and summer 2025.
The company is two years behind its initial schedule because it had to modify its project to comply with the criteria of the new Special Urban Plan for the northern part of Nuns’ Island. Instead of the planned 37 floors, the two towers will be 26 storeys high.
That delay resulted in the first NEX tower units going on sale at a less favourable time for buyers. "We launched sales in September 2022 in a challenging market with rising interest rates and inflation," said Ilan Gewurz. "Nonetheless, half the units were sold within three months. That indicates that buyers understand the value of the
project, which is located in a waterfront neighborhood close to the REM and other services."
In fact, 30-40% of new owners have already purchased units in other Proment projects, something not often seen in real estate. The company has been in business for 45 years on Nuns’ Island and has a loyal clientele, some of whom follow the firm from one project to the next. According to Mr. Gewurz, that loyalty can be explained by the business philosophy of the president, his father Samuel Gewurz.
"He always said you have to give buyers multiple reasons to buy by creating value while keeping prices reasonable. And that’s what we’ve been doing all these years."
As for Quartier Pointe-Nord, that approach is based on six principles: maximize views of the river and downtown, design attractive waterfront parks and green spaces, create a walkable community and commercial core, vary housing types to meet the needs of households of all generations, design a green neighbourhood based on ecologically sustainble principles, and provide high quality living spaces and amenities.
Consequently, the residential highrises are thin towers in order to preserve views. "Even at ground level, you can see the river and downtown. People can walk along the riverside or kayak in the water. There’s a bike path and a gazebo overlooking the river. It’s really a neighborhood that allows people to connect with the vastness of the river," said Mr. Gewurz.
The area has been designed to encourage active travel. There’s no need to jump in the car to buy a loaf of bread, because small shops are in the heart of the neighbourhood. "Everything was designed on a human scale," he added. "When you walk down the streets, you’re surrounded by buildings that are only a few stories high, with the towers floating in the background. You can breathe in an oasis of tranquility."
Pointe-Nord is one of the first green communities in Canada to be awarded LEED ND Gold certification. In fact, all Pointe-Nord towers are certified LEED buildings and Evolo NEX is also aiming for LEED certification. Green roofs, sustainable transport (cycling, car sharing, public transit), rainwater recuperation and underground parking spaces covered with parks or courtyards are some of the features that enhance the ecological footprint of this unique milieu.
As a professor and head of sustainable development at HEC Montréal, Jean-Michel Champagne prepares future managers for emerging business issues and the socio-economic challenges of the climate crisis. Having spent a good part of his career in real estate management, he is particularly interested in working with the industry to make it sustainable and responsible.
The main reason why ESG (environmental, social and governance) factors are now so closely scrutinized is risk management. When we talk about ESG, many people still think strictly about the social dimensions and environmental impact of a company's activities. However, recent examples have shown the extent of the risk of poor corporate governance, for both investors and all stakeholders.
When Habitations Trigone lost its builder's licence in 2021, it sent a shock wave throughout the residential construction industry. The autumn 2022 ruling against Groupe Sélection, which was unsuccessful in its appeal to retain control of its restructuring plan, shed a harsh light on a firm that had appeared to be thriving. South of the border, the State of New York's current lawsuit against the Trump Organization, for overvaluation of its assets in order to obtain loans, should enliven 2023. These examples from the real estate industry have been highly publicized and share a common thread of opaque governance, coupled with a lack of independent oversight and control of management. ESG factors are used, among other things, to identify risks that are not always reflected in financial statements.
A company cannot determine its ESG performance itself, but understanding how it is calculated allows it to set its priorities. ESG factors are calculated by diverse financial and extra-financial analysis firms and published on specialized platforms such as Sustainalytics (by Morningstar), Eikon (by Refinitiv), Capital IQ (by S&P Global). Each firm uses its own analysis methodology to determine the ESG score of companies. These databases are limited at present, but hundreds of companies are being added each year.
The relevance of the scores remains a hotly debated topic, but ultimately, the components
of the ESG score can be used in the decisionmaking of a creditor, investor, customer or business partner. It is important to understand that ESG analyses are based on several sources of data: mandatory data (stock market statements, financial statements), voluntary data (websites and sustainability reports) and involuntary data (media and non-governmental organizations).
The third dimension of ESG, governance, is sometimes abstract. In a country governed by the rule of law, such as Canada, if a company has a good reputation, respects legal frameworks and has never been suspected of a crime, wouldn't putting in place governance controls send the wrong message to investors and lenders? Fortunately, no. On the contrary, it is important that the company be aware of good governance factors, that it adopt best practices and also be transparent, comprehensive and honest in its reporting.
In the specific case of governance factors, they are generally based on three key pillars: good management by executives, investor relations, and the company's sustainability strategy. Each of these pillars is composed of dozens of indicators. Some are nominal (value or percentage) and some binary (conditions met or not). For example, the presence of an executive compensation policy (a binary indicator) will be part of the ESG score, as will the disclosure of executive compensation (a nominal indicator). The composition of
the board of directors is also monitored. The percentage of women and people from underrepresented groups (ethnic and cultural) is a factor influencing the score.
There is no magic formula for obtaining a good governance score. Improving the governance of an organization requires a combination of factors. It means integrating the concept into the corporate strategy. That gesture must reflect a strong desire on the part of senior management for its implementation, which might also entail support from a specialized firm.
In summary, the essential elements of the gover nance factor calculation are clear and comprehensive management policies, the adoption of a corporate social responsibility strategy, the publication of a comprehensive extra-financial report, and the adoption of a system of independent auditing and verification of the governance strategy. Those elements are the ones over which a company has the most control and, more importantly, they serve as the basis for analysis by specialized firms. It is therefore a good starting point for launching an ESG strategy.
Members of the LEVIC network of real estate contractors and developers voted to give its Inspiration Award to Sanaa Benzakour and a Gold Award to her partner Patrice Ménard. In addition, their agency received the Service Business of the Decade – Growth gold award during the organization's 10th anniversary gala.
This triple win is a tribute to the efforts of the two entrepreneurs, who co-founded PMML (formerly Patrice Ménard Multi-logements) 15 years ago. The agency currently has over 1500 properties under contract and employs over 50 employees and 100 commercial real estate and mortgage brokers, plus 10 people on its advisory team. Over the past 12 months it completed $2 billion worth of transactions.
Patrice and Sanaa first met in 1994 when both were political science students at the University of Québec at Montréal. Together they jumped into network marketing. "It was the best possible training we ever received," said Ms. Benzakour. "We had a very difficult time because we were young and were trying to sell household and telecommunications products."
At the same time, they focused on their personal development. They read leading business books about planning and positive thinking like Think And Grow Rich by Napoleon Hill. It is a habit they still pursue. "I believe that success in business comes more from emotional intelligence than academic intelligence" added Patrice Ménard, president and co-owner.
It was after reading another business book, Rich Dad Poor Dad by Robert Kiyosaki, that they decided to shift to real estate.
The two entrepreneurs obtained their real estate broker's licence. Patrice, who also holds a mortgage brokerage licence, started out in that field before moving into real estate brokerage. He worked for RE/MAX in 2004 and then for the Sutton Royal Group in 2005, where Sanaa joined him in 2006.
The duo co-founded PMML in 2008. Specializing in commercial real estate brokerage, the new agency initially focused on multi-unit residential buildings using a seller-driven marketing approach. "That's when we were able to create our website with all our properties listed for sale. It really helped us get a lot more exposure," said Ms. Benzakour.
In 2011 the agency published its first annual Multi-residential Sector Report, which soon became an industry benchmark. Why publish so much strategic information? "The reason is that people believe that if you create value, it will pay off tenfold," he added. "And that is literally what happened. Creating those reports and making them popular led to us being invited as guest speakers on platforms like the Québec Real Estate Owners Corporation, the Québec Real Estate Investors Club, the Real Estate Summit and the Multi-residential Forum."
Starting in 2013, the PMML team grew in size with the addition of an administrative assistant and the firm's first broker. Three years later the company expanded its team of brokers, and in 2017 launched its mortgage brokerage practice. The agency moved its offices to the Centropolis in Laval, but soon ran out of space.
PMML continued to grow despite the pandemic. In addition to opening offices in Montréal, Québec City, Sherbrooke, Gatineau and Brossard in 2020, the agency created Landev Ai, a commercial division focused on acquiring and developing land. That same year, the company opened its second Montréal office on St. Paul Street West. In January 2022, they added consulting services and accredited appraisals to the services offered. All employees are now back in the office. The two directors believe that face-to-face work is essential for creating a sense of ownership, commitment and knowledge transfer within the team.
While market reports, the PMML.TV channel and the firm's social presence have contributed to the agency's growth, its database has been a driving force behind its expansion.
"PMML is a data company that sells, finances and evaluates buildings," noted Mr. Ménard. "As soon as we have data, we can develop artificial intelligence to see what's happening in the market and to anticipate market trends. That gives us an enormous competitive advantage. [...] Over time
we've developed the largest commercial real estate database in Québec, and that's kind of the secret behind our success."
The PMML team is now working on developing a transactional platform using, among other things, blockchain technology, which will allow for faster transaction times and decentralized real estate financing. "Blockchain will revolutionize real estate, much like the Internet revolutionized business. The difference is that the Internet is a technology of information and communication, whereas blockchain is a transactional technology that offers greater security for online transactions. The next step for PMML is to develop that platform so that it extends all over the world."
In his view, what counts more than the transaction is "the success of the people who started with us in real estate investment and who today have thousands of condos and apartments. That's the greatest trophy we can have, because we really created value for those clients."
The trust that the agency has built up in the market is also very important. "Our data is validated by various financial institutions, which means that PMML has a very good confidence index in the market. That is something we're very proud of," added Ms. Benzakour.
With that in mind, the agency launched its PMML Index in 2022. It is aimed at local and international investors who want to take the pulse of the Québec market in real time.
Very involved in the real estate community, the Ménard-Benzakour duo has more surprises in store, The future looks very promising, given that their 21-year-old son Amine (who began working at the firm in a data-entry position at age 16) has been a commercial real estate broker for the past two years.
"To recreate that family environment inside a company is quite magical! It's not easy. You hear all kinds of stories. We decided to focus on stories that work, on people, couples or families that have been successful in business," his father explained.
"What we did was create a lot of value in the market," said Mr. Ménard.
These data were compiled by Diana Pricop, Data Solutions team leader at the Altus Group in Montréal. Diana Pricop ensures the quality and accuracy of the InSite and RealNet platforms at Altus Data Studio. She began her career in commercial real estate shortly after graduating from Concordia University. To broaden her knowledge of the industry, Diana worked as a financial analyst at Avison Young, where she developed her expertise in real estate research and investment.
The investment volume for October and November adds up to $1.4 billion, while 253 transactions were completed during those two months. The most traded asset classes remain apartment and industrial with a total volume of $527.5 million and $256 million.
As the end of the year 2022 was approaching, the biggest industrial portfolio transaction of these final months was sold by Morguard Corporation and purchased by CanFirst Capital Management. This portfolio consists of two properties in Vaudreuil-Dorion, located at 400 Marie-Curie Street and 3600 F.-X.-Tessier Street. The portfolio was purchased for $51,300,000 and contains a gross leasable area of approximately 266,826 square feet, representing an aggregate price per square foot of $192. With 400 Marie-Curie Street serviced by 29 truck level doors and one drive-in door, and 3600 F.-X.-Tessier Street serviced by eight truck level doors and four drive-in doors, in addition to its prime location just west of Montréal near the Trans-Canada Highway, this makes it an ideal logistical servicing route towards the island or even farther on.
For the industrial sector as well, a significant transaction was the portfolio sale of 3700 JeanRivard Street and 8470 Albert-Louis-Van Houtte Avenue, both industrial properties are located in the Villeray-Saint-Michel-Parc-Extension on the island of Montréal. The portfolio was purchased for $34,400,000 by Veyron/KDP Montréal Leasing ULC from Keurig Canada. The total gross leasable area of both assets is approximately 172,276 square feet.
For the multifamily sector, a major multiresidential transaction took place in the borough of Ville-Marie on Lincoln Avenue. 2170 Lincoln was sold for a whopping $61,000,000. The tower built in 1975, with 221 doors, was acquired by Immeuble 2170 Lincoln Inc. from Reluxicorp Inc. The price per door comes to just under $280,000. Ideally located in the west of downtown, 2170 Lincoln is near Atwater Avenue, Dawson College, the Montréal Forum, as well as plenty of services, businesses, and public transportation.
In the Saint-Laurent borough of Montréal, 745 Place Fortier was sold for $40,500,000. With its 167 units, Catera Properties Inc. sees a unit price of just over $242,000. This fourteenstorey apartment building totals approximately 155,057 square feet and was built in 1978. 745 Place Fortier is a short walk from Montpelier train station, Vanier College, and a multitude of shops, restaurants, and services.
For the office sector, the most notable transaction was the sale of 3250 Lapinière, the office building located on the south shore. It was sold by Manulife for close to $18 million. The threestorey property has a total leasable area of 82,900 square feet and 260 parking spaces.
Scott Speirs, Guillaume Jacob, Maxime Foucaud (CBRE)
Tammy Law, Bekir Gulpekmez (RE/MAX Royal (Jordan) inc.)
Georges Bardagi, Daniel Beauchemin (RE/MAX du Cartier GB)
Maurice (Royal LePage Triomphe)
Claude Gatien (Beldex Immobilier inc.)
Edith Bourret (RE/MAX L'Espace)
The data has been compiled with care, but neither the publisher nor Altus Group can be held responsible for any errors or omissions.
High
David Saint-Germain, vice-president, Technologies at Hilo, and Vince Di Domenico, Chief Operating Officer at MACH, met at MACH headquarters to discuss the collective project that is the Hilo movement.
There are many efforts underway in Québec to reduce greenhouse gas emissions, and electric mobility is one of them. At present, electricity consumption in both homes and buildings is on the rise, and it is estimated that by 2032 electricity consumption in the province 1 will increase by 14%. It is therefore important to find ways to manage demand.
Hilo was established in 2019 with the specific objective of reducing energy consumption during peak winter periods. Initially developed for residences, its solutions were made available for commercial, institutional and multi-residential buildings starting in summer 2022.
Hilo’s mission is to manage demand in order to optimize Hydro-Québec infrastructures over the long term, and limit energy imports from other jurisdictions.
David Saint-Germain notes that one of the main challenges is to "smooth out" or balance the demand for electricity during peak winter periods. That frees up power and avoids the need to use less clean, more carbon-intensive energy to meet demand. "The reason Hilo’s mission is so important is because it is part of a comprehensive energy transition and decarbonization strategy."
Thanks to its monitoring tools, Hilo can balance variations in demand for electricity. "It’s a centralized orchestrator that allows commands to be sent to all smart devices,
thermostats, and heating, cooling and ventilation controllers in buildings at key times to smooth out consumption," explained the vice president.
Shortly after launching Hilo solutions for a business clientele, MACH signed a partnership agreement with the subsidiary. For the company, which owns more than 240 properties, the service is part of its desire to implement concrete actions to reduce its environmental footprint.
"Joining Hilo is an initiative that aligns perfectly with our vision and values. Hilo gives us the means to make a significant impact in terms of the environment, and also improve the quality of life of our tenants," said Vince Di Domenico.
For property owners, managers and developers, Hilo offers many advantages.
Hilo subsidizes and provides the necessary equipment for the implementation of its automated solutions. Companies are then asked to participate in Hilo challenges, which take place during peak periods. Hilo launches up to 30 challenges each year between December 1 and March 31. For every kilowatt hour of no power consumption during a challenge, customers get a cash reward.
"That revenue can be used to retrofit buildings and start a healthy feedback loop where we invest in energy efficiency. […] Eventually, in 10 or 15 years we’ll have a real estate portfolio of much more efficient buildings, and thus of greater value over the long term," said Mr. Saint-Germain.
"As owners and operators of buildings, it is our responsibility to create healthy and sustainable working environments, and places to live that respect the environment. And we can do that while also being efficient and effective," said Mr. Di Domenico.
"The Hilo service also enhances our employer brand. Our employees are sensitive to the ecological footprint of the company they work for, and are proud to see us put into practice the values we promote," he added.
In his opinion, Hilo also contributes to improving the employee experience. "Imagine 300 or 400 employees in a commercial building or an office tower signing up for this project and becoming ambassadors actively promoting it. That means that collectively, we’re taking a step for the future."
The real estate firm has also created an incentive program for its employees so that they can individually adopt the Hilo smart home solution. "It has already generated a positive response."
Hilo and MACH have established a close relationship to achieve a long-term vision for sustainable develop ment, as regards both energy efficiency and reducing GHGs.
"It’s a concrete partnership focused on results and capacity, starting with the buildings that are most accessible and then rolling out to the entire building stock," said David Saint-Germain.
In joining the Hilo movement, MACH is not only a forerunner, but also a model for the real estate industry’s energy transition. "Our industry needs to get involved in reducing GHGs; it must demonstrate environmental leadership. MACH is committed to making a tangible contribution to that goal, and we want to inspire our peers to do the same," Mr. Di Domenico concluded.
In the face of the climate emergency, it is crucial to rethink city planning and promote sustainable transportation. Car-free neighbourhoods can be part of the solution. But what are the winning conditions? The Québec Institute for Urban Development recently unveiled a study of the issue, and invited the mayors of Laval and Québec City to discuss their urban vision.
Milton Park and Little Portugal, in the Plateau district of Montréal, as well as the city's Latin Quarter in Ville Marie, have the lowest car commuting rates in Québec. They are also among the top 10 neighbourhoods in the country in terms of commuting. That is because their built environment combines a high population density with a wide variety of services and jobs, noted Gabriel DamantSirois, co-founder of the geographic intelligence platform Local Logic, during the Myth or Reality, Car-free Neighbourhoods conference organized by the Québec Institute for Urban Development (IDU) on November 25, 2022.
"The greater the proportion of those three variables in a neighbourhood, the less likely residents are to use cars to get to work," said the entrepreneur when presenting a report on reducing car commuting rates, a study undertaken by IDU.
The study shows just how dependent we are on the automobile. In Québec and all across Canada, 80% of people travel to work by car. In smaller census metropolitan areas (CMAs) like Sherbrooke, it is almost 90%. And in major centres with transit systems like Toronto, Montréal and Vancouver, the rate remains high, at 70%.
When it comes to developing, building and managing properties and partnerships across North America, we’re committed to doing so sustainably, creatively and collaboratively.
We look forward to partnering with you on your next commercial or residential real estate venture.
canderel.com
Not surprisingly, zones where less than one-third of workers use cars are concentrated near the downtown cores of large CMAs. For example, that is the case for the Latin Quarter, which has a population density of 9547 inhabitants per square kilometre and a commuting rate of 15.7%, according the the Local Logic analysis, which is available on the IDU website.
Thus the lowest car commuting rates are observed in areas where the levels of population density, services and jobs are high. However, if one of the variables is high and the two others are average, it is still possible to reduce car use, but to a lesser extent. Gabriel Damant-Sirois concluded his presentation by inviting real estate developers to take these factors into account when choosing locations for their projects.
In the second half of the IDU event, a discussion on car-free districts featured Bruno Marchand and Stéphane Boyer, mayors respectively of Québec City and Laval. On that subject, the two men are on the same wavelength. Stéphane Boyer wrote a book entitled Car-free Neighbourhoods: From Bold Dreams to Reality, and Bruno Marchand wrote the preface.
They admit, however, that there is skepticism about car-free neighbourhoods. "Even if you don't like the idea, you have to be willing to discuss it and think about it," said Mr. Marchand. "Car-free neighbourhoods will improve the quality of life. We don't have to build like we did in the 1980s!"
Stéphane Boyer advocates testing the concept by creating a new neighborhood rather than imposing it on the existing built environment. "People who are interested will come and live there. We'll see how it goes and if it's successful, we'll replicate it."
In fact, he has already found the ideal location. "The St. François sector in eastern Laval has yet to be developed. We want to design a district of the future with a key form of transit that would arrive at the centre of the car-free district." The type of transportation has yet to be defined, but it could be a rapid bus service that would connect several neighbourhoods along the east-west axis of St. Martin Boulevard.
Would cars disappear from car-free neighbourhoods?
There would be no vehicular traffic within those neighbourhoods, but car-sharing services could be offered and parking spaces could be developed on the periphery, explained the mayor of Laval during a discussion moderated by Jean-Marc Fournier, president and executive director of IDU. The idea is to connect neighbourhoods with each other, rather than connecting buildings by means of parking lots and streets.
To reduce the dominant role of the automobile, efficient public transportation systems must be put in place. In addition to St. Martin Boulevard, two other projects are being considered in Laval. One is being planned along the north-south axis of the subway system's Orange line, while the other would take the form of rapid bus service along Notre Dame and Concorde boulevards. Stéphane Boyer indicated that 40% of Laval residents do their working and entertaining in Laval, another reason to place the emphasis on improving public transit.
He deplored, however, the over-politicization of projects where all three levels of government are involved. "Building consensus takes time. When the party in power changes, the newly elected officials do not want to accept a project they criticized when they were in opposition, so they cancel it or change it. We're going in circles." He insisted that once an agreement is reached the project should proceed, regardless of changes in government.
Bruno Marchand also launched a plea, as he would like to see the long talked about and long desired Québec City tramway become reality. "We no longer have the luxury of time. Can we continue to do nothing and still look our children in the eye? In the Québec City region, 64% of greenhouse gases come from transportation. But when it takes an hour and 15 minutes to get to work by public transit, you can't blame people for taking their cars."
Municipal regulations can also be a barrier to making development projects more sustainable. Bruno Marchand gave the example of ratios for parking spaces. "More and more, developers are saying they need a lower ratio, but sometimes regulations don't allow it. Our own regulations can bog us down! Cities are stuck with bylaws that are vestiges of the past."
In that regard, last July the City of Laval adopted a new urban planning code, after a process that lasted more than three years. Decreased parking requirements are among the changes, as well as mandatory greening for all new projects. "In the centre of town, 25 to 30% of surface area must be green," said Mr. Boyer. He added that the new code is based on a regulatory approach that takes the existing shape and form of the city into consideration, rather than focusing on a separation of uses. That will make it easier to pursue a mixed-use strategy.
In concluding his remarks, the mayor of Laval reached out to developers interested in participating in the Carré Laval project, which was launched under the previous administration on the site of a former quarry currently used as a snow dump. The City wants to transform the 4 million square-foot site into a carbon-neutral, car-free, mixed-use community that will include residential units and office buildings, educational institutions, innovative start-ups and a large urban park. "I'm open to hearing from developers who share that vision," he said.
" In the centre of town, 25 to 30% of surface area must be green."
– Stéphane Boyer
cogir.net
Inspired by nature and in partnership with the CREE community, the name of the project, Odea, is based on the Cree word “ode” meaning canoe which explains the subtle and stylized symbol of the canoe in the architecture.
Offering 264 rental apartments and 171 condos, it’s a place to live that opens up to the sky, to the city and to the Montreal of tomorrow.
On one side of two adjoining lots on Moody Boulevard in Terrebonne is a restaurant operating under the St. Hubert banner on land (the St. Hubert Lot) belonging to 9128310 Canada Inc. (912) and, on the other. a Super C grocery store on land (the Metro Lot) belonging to Metro Québec Immobilier Inc. (Metro).
The properties are encumbered by real, reciprocal and perpetual no-build easements created in 1978 as part of a deed of sale, including an easement encumbering the St. Hubert Lot in favour of the Metro Lot. That easement effectively prevents any construction along the Moody Boulevard frontage of the St. Hubert Lot for a depth of approximately one hundred feet from Moody Boulevard.
At the end of the sale in 1978 creating the servitudes in question, the seller sold the St. Hubert lot and kept the Metro lot. The latter was then sold in 1996 to Épiciers Unis Métro-Richelieu Inc. which transferred it to Metro in 2017.
The Metro Lot was redeveloped in 1997. The Super C grocery store was built at the rear of the lot, with parking in the front. At the time, draft documents to create easements for common parking lots were exchanged between Metro and the owner of the St. Hubert Lot, but no action was taken.
912 acquired the St. Hubert Lot in 2015, with the deed mentioning neither the existence of the easement nor that its representatives had knowledge of it. The deed specified 912's objective to demolish the building for the purpose of reconstruction. In fact, a building used for the operation of a restaurant under the St. Hubert banner was then erected, in compliance with the terms of the easement.
912 now seeks to replace the building, still being used as a St. Hubert restaurant, with a new one, given that the existing building is in poor condition.
The City of Terrebonne's current bylaw, however, encourages buildings to be located along the street frontage with parking areas to the rear, contrary to the previous bylaw, which conflicts with the easement.
Metro is opposed to redeveloping the St. Hubert Lot with a building along the street frontage, as it would be detrimental to its visibility and contrary to the terms of the no-build easement.
Urban planning experts retained by the parties state, on the one hand (according to Metro's expert), that the regulations in question do not oblige the owner of the St. Hubert Lot to construct a new building along the street frontage, and that 912 could rebuild on the site of the existing building. On the other hand, the City's planner testified that the current bylaw favours buildings with street frontage and parking areas located at the rear. No formal application has been filed with the City, but a plan to reconstruct the existing building on its current site was filed in February 2022 by 912 for a preliminary opinion from the CCU urban planning committee. The committee indicated that the development plan does not in fact meet the objective of locating the building along the street frontage and placing the parking area in the rear.
912 argued that it must take into account the existing municipal bylaw, whose easement causes it grave, abnormal and disproportionate harm.
The case reached Québec Superior Court, which deemed the wording of the easement to be clear and not in need of interpretation.
It clearly states that construction within the easement area is prohibited. The 912 plans for building along the frontage of the lot are thus contrary to the easement.
To settle the dispute, however, the Court noted that 912 need not obtain evidence of a final refusal by the City of Terrebonne to approve a new building on the site of the existing building. According to the preliminary comments of the CCU urban planning committee, any development of the St, Hubert Lot is virtually paralysed because the requirements of the easement are contrary to certain general objectives of the bylaw on Site Planning and Architectural Integration, which encourages buildings located on street frontage.
In fact, the easement imposes restrictions that go beyond the prohibition to build since it dictates constraints that go against urban development intentions and harmonization of the layout of the built environment, as reflected in the abovementioned bylaw.
The Court therefore concluded that the easement is contrary to public policy and must be declared invalid and inoperative, and removed from the land register.
The decision has been appealed. It will be interesting to see if the Québec Court of Appeal agrees.
The focus of the A New Approach to Property Management | Real Estate + Biodiversity symposium on December 15, 2022 was to emphasize the links between humans, the built environment and nature by means of resilient, inclusive and sustainable development in urban areas. It brought together some sixty participants who discussed issues related to biodiversity, and proposed some possible solutions.
En septembre dernier, My Cantine a remporté le prix JBC Média pour sa solution de réfrigérateur connecté lors de la sixième édition du concours PitchTech Innovation Construction 2022, dans le cadre du Grand Batimatech.
Organized by the Ivanhoe Cambridge Real Estate Chair UQAM, in conjunction with several public, private and university organizations, it coincided with the COP15 event, the 15th meeting of the Conference of the Parties to the UN Convention on Biological Diversity, held in Montréal from December 7 to 19, 2022. The event concluded with the adoption of the KunmingMontréal Global Biodiversity Framework to safeguard nature and reverse biodiversity loss.
For the real estate Chair Andrée De Serres, it was essential to have the symposium take place during COP15, "an event that raised awareness about the importance of this issue. It also attracted the interest of various players in the real estate industry, for it is not just building owners and managers who are concerned about biodiversity. It is something that also concerns the City of Montréal, the building trades, engineers
and other professionals, in fact anyone involved in the development and construction of buildings and neighbourhoods."
She believes that COP15 gave "a boost to everyone, including average citizens, who are increasingly aware of the issue. People now have a better grasp of biodiversity, a concept that involves protecting all living things, not just humans, but also nature, flora and fauna."
The goal of the event was to raise awareness and mobilize various stakeholders in the real estate sector to act collectively for the protection and development of biodiversity. Climate change, pollution, invasive species and soil mineralization are but a few of the underlying causes of the biodiversity crisis. Solutions must be put in place to curb those negative impacts.
"When we first started talking about greenhouse gases (GHGs) and climate change, it was quite a challenge just getting people to agree on measures to stimulate change. We were taking our first tentative steps at that point, but protecting biodiversity is a much more complex issue that requires real interaction among all parties sharing a given territory," said Mme De Serres.
The conference program included a series of lectures aimed at increasing our understanding of the risks associated with biodiversity loss, and its systemic and eco-systemic impacts on the built environment. The presentations demonstrated the importance of protecting biodiversity, and of promoting the social and ecological resilience of cities and their inhabitants.
Lectures were followed by two workshops where participants discussed the impacts of climate change and biodiversity loss, and proposed concrete solutions that would enhance biodiversity in urban areas.
The results of each discussion group were then presented to all participants. For example, a group headed by Mario Poirier, the director of BOMA Québec's Building Energy Challenge (BEC), suggested launching a Building Biodiversity Challenge similar in design to the BEC, where participating buildings compete to increase energy efficiency and reduce greenhouse gas emissions.
Whereas COP15 led to an agreement to renewed commitment on the part of local, regional and national governments, the
challenges of biodiversity loss call for multi-level, multi-factor solutions involving not only the public and private sectors, but also key decision-makers, professionals, researchers, citizens, etc.
Guest speaker François William Croteau, senior director, Strategy and Innovation for resilient cities at the innovation consulting services firm Innovitech (and also the former mayor of the Rosemont–La Petite-Patrie borough), emphasized that "the main biodiversity issue in urban areas today is linked to the urban development of the past century, which led to soil mineralization and thus a dramatic degradation in terms of ground water,
flora and fauna. That means that we must now rebuild ecosystems. We must undo what we've been building for years, which will result in significant costs. But the cost of doing nothing is even worse, because we are talking about adapting our cities so that we can cope with flooding, severe weather and extreme storms. And if we don't take that important step to rebuild ecosystems, well... that will mean massive expenditures simply to maintain existing infrastructures such as aqueducts, sewer systems and the like."
One of the guest panelists invited to summarize the day's results, Stéphan Déry, Assistant Deputy Minister of Real Property Services, Public Services and Procurement Canada, mentioned that his department is in the process of drafting a biodiversity strategy for its buildings and properties. It is expected to be completed in December 2023. "We have identified 160 buildings that are being assessed for their current state of impact on biodiversity, impacts generated during their construction and also their operations. If that analysis determines that they have a negative impact on biodiversity, corrective measures will be determined. We will then develop criteria for monitoring building performance so as to ensure that in future we contribute to protecting biodiversity."
Another guest panelist, Joannie Tanguay, vice-president, Strategy and Execution at Ivanhoe Cambridge, described the challenge of biodiversity for her organization. "[...] It's kind of the next frontier in terms of the ESG investment commitments we've made over the past few years. We've always aimed to be proactive. Obviously, nature teaches us to be humble, but we have a role to play as a real estate investor. Our goal is to integrate biodiversity into our strategy and the means of implementing that strategy, and then to get all our employees involved in the process."
Very enthusiastic about the results of the symposium, Andrée De Serres took a moment to mention an upcoming webinar series. "Starting this winter, we'll be offering a new webinar series where scientific experts will be asked to share the progress made as regards climate change, hydrology and urban agriculture, so that policymakers, managers and elected officials can know what indicators and metrics to use in order to implement changes in a rigorous manner."
For more info on the symposium, the guest speakers and the panelists: https://ivanhoecambridge.uqam.ca/ en/evenement/colloque-cop15-penser-limmobilierautrement-immobilier-biodiversite-valoriser-les-liensentre-lenvironnement-bati-lhumain-et-la-nature-2/
Lévis #1
among the 10 major cities of the province
Population Growth
( biggest increase of all > 1,7 %, 2021 )
Average Individual Income
( highest of all > 55 450 $,
Post Secondary Schooling Rate
( highest of all > 67,3 %, 2021 )
Business opportunities in a fast growing city
Population of 154 091
7th biggest city in Québec
33rd in Canada
Metropolis of the region of Chaudière-Appalaches
( population of 444 100 people )
City of the Communauté métropolitaine de Québec
( population of 834 900 people )
ECONOMIC DEVELOPMENT LÉVIS
418 835-8246
developpementeconomique@ville.levis.qc.ca
courantlevis.com
( website in French only )
Political authorities are asking the real estate industry to decarbonize their buildings. We agree, and have identified some technical, financial and fiscal support available in the public sector to pursue that goal. When we appeared at a City of Montréal public consultation about the issue, we spoke in favour of creating compact neighbourhoods with a diverse mix of users and services, thus minimizing the need to travel. What is the point of decarbonizing buildings if we don't rethink how we get to them?
That approach (the 15-minute city with basic needs located within a 15-minute walk from residents' homes) is well-known and is supported by scientists. It involves creating a living environment where a sufficient number of residents and services support a transit network and an employment hub. A recent study by Local Logic, commissioned by the Québec Institute for Urban Development (IDU), noted that places in Canada with a lower rate of car use have a density of over 8,000 people per square kilometre.
In the wake of its Policy on Architecture and Land Use, the Québec government will soon implement an action plan aimed at reducing car travel and urban sprawl, and protecting farmland and biodiversity. Cities will then organize public consultations to help in drafting appropriate urban development plans.
If the past is anything to go by, despite those consultations it should come as no surprise to see that, once projects are authorized, neighbours in the immediate vicinity criticize them, claiming that they will undermine the appearance and value of the neighbourhood, conveniently forgetting that the goal of previous consultations was to improve the urban milieu. In the name of "not in my backyard", citizens and elected officials can postpone change indefinitely. The current positions regarding the Fairview Forest protests in Pointe-Claire and the proposed Bridge-Bonaventure project just south of downtown Montréal are only the most recent examples.
Although major studies and consultations have concluded that there is a need to increase the supply of all types of housing units (including social and affordable housing), and to densify transit corridors, consultations at the local level will readily discredit the policies being pursued.
By no means should consultations be eliminated, for many development projects have benefited from them. On the contrary, for the sake of consistency we believe that all consultations should be valued, both at the local, grassroots level and at the broader, more regional level.
The transformation of the urban framework required by the climate crisis will change the existing living environment, which in understandable and is indeed the goal. Public decision–makers must be clear about their objectives and do everything possible to achieve them. As the popular saying has it: We must walk the talk.
A first step would be to draft a broad overall policy with precise provincial and regional objectives, so as to encourage compliance at the local level. Second, the mandate of the Québec Municipal Commission should be strengthened to ensure that the compliance audit includes a consistency analysis that forces local authorities to act in the direction outlined in the overall policy.
Another option would be legislation to make the public consultation procedure granted to municipalities in 2017 applicable all across Québec. That request was made, but was not adopted at the local level. Rather than a referendum, another option aims to respond to what Régis Labaume called an "undemocratic process" that "only serves the interests of a minority of opponents" (RadioCanada, 14 February 2017). Working together, the Québec government and municipal authorities can
now devise a public consultation framework more likely to give more citizens access to the process, an opportunity for more voices to be heard.
If that option is not selected, the referendum option would be maintained, but it must become much more representative. Rather than consulting only the neighbours in the immediate vicinity of a project, it would be more democratic to plan for consultations throughout the borough or the neighbourhood. Moreover, given that the intent behind the referendum is to overturn the will of democratic entities, it would be more legitimate to insist on a more substantial number of signatures required for the referendum option, and a vote of more than 50% of registered voters.
More simply, consultations could be better supported. For cities with organizations like the Montréal Public Consultation Office (OCPM) and other groups that organize public information events, they should insist on the publication of the opinion of experts and independent sources. That would help in analyzing the position of locals in terms of the overall policy.
Authorities are calling for the decarbonization of buildings to address the climate crisis. In order to be consistent, for that same reason they need to contribute to efforts to transform our living environments. It is up to them to ensure that this takes place... right in our backyards.
Jean-Marc Fournier
For real estate industry leaders from around the world, MIPIM (International Market for Real Estate Professionals) is an event not to be missed, and for good reason. This annual event takes place at the Palais des Festivals in Cannes, France, bringing together some 25,000 participants from a hundred countries, more than 25% of them investors. The next edition will take place from March 14 to 17, 2023. The theme will be carbon neutrality (Road to Zero).
Once again and for the 17th time, Greater Montréal will be well represented by a delegation of thirty-some firms and municipalities. With assistance from the City of Montréal's Economic Development Service (SDÉ), the Metropolitan Montréal Community (MMC) and Investissement Québec International, the delegation will consist of real estate developers and companies in the engineering, construction, technologies and service sectors.
"Our presence at MIPIM aims to showcase the know-how of innovative Québec companies, as well as our various economic hubs," said Dieudonné Ella Oyono, acting director of SDÉ. Promoting development opportunities among investors will be a major focus, as the City of Montréal wants to redevelop its economic clusters. "For example, the one-car-lotafter-another model of industrial park no longer meets today's needs," added Mr. Ella Oyono. "What we need now are more attractive environments with green spaces, public transit and diverse services.
We also need to reduce the carbon footprint of buildings."
To pursue those goals, the MMC will be attending the MIPIM event. "We want to promote our efforts to transform, densify and accelerate the ecological transition underway in our industrial spaces," said Sylvain Giguère, chief economist and head of metropolitan economic development. "It is a largescale project. A plan for the redevelopment of such spaces will be developed for each of the 14 regional municipalities in the surrounding area." It is vast territory encompassing 82 towns and municipalities that account for more than half the jobs and half the economy of Québec.
For its initial foray at the MIPIM, the MMC will be looking for ideas and contacts. "Many countries before us have faced a scarcity of industrial spaces and the pressing need to make them more appealing and greener," he added. "We want our elected officials and municipal leaders to establish contact
with representatives from other cities so that we can learn from them and adopt best practices."
As for Investissement Québec, its main objective is to support Québec exporting companies in their marketing efforts abroad. "Our teams of experts organize individual meetings with architectural firms, contractors, real estate developers and municipal representatives attending MIPIM," said Marie-Ève Jean, vice-president, Exports. Last year, Investissement Québec organized 130 meetings with European principals for some 15 Québec companies.
"MIPIM is also a good place for a firm to position itself for possible contracts linked to the Olympic Games in Paris in 2024 and Milan-Cortina in 2026," added Ms. Jean.
The property development and management company Carbonleo took advantage of its participation in MIPIM last year to meet with architectural firms from various countries. The goal was to select one to work on the redevelopment project at Quartier DIX30, in partnership with the Québec firm Lemay. Its choice was UNStudio of Amsterdam. "Collaboration between an international firm and a local firm is a game-changer that makes for spectacular projects," said Claude Marcotte, executive vice-president and partner at Carbonleo.
This year the firm hopes to attract major brands as anchor stores in the Quartier DIX30 project and also at Royalmount, which will open soon. "The Montréal stand at the trade fair is located in a high-traffic area that gives us great visibility," said Mr. Marcotte, who never misses an edition of MIPIM. "Not to mention that during meetings with potential partners, we can present visuals of our projects on its interactive screen."
The real estate lawyer Sylvie Bouvette is also a regular attendee. Her main objective is to meet with Investors looking for legal support when making large-scale acquisitions in Canada. "I can count on the help of the Montréal delegation's organizing team to get meetings with potential clients," she said.
Another reason why the BLG partner goes to Cannes almost every year is to meet with her peers: "I meet lawyers from international firms with whom BLG has ties, firms that sometimes even have the same clients we do. We discuss best practices, business strategies and current projects. Sometimes we also introduce clients to each other."
That business development work has proved profitable. "It allows me to make myself known and the encounters often lead, directly or indirectly, to contracts afterwards," noted Ms. Bouvette.
Mitch Strohminger is the CoStar director of market analysis for Québec, where he works in close collaboration with his colleagues to provide information on the Canadian real estate market. Prior to joining CoStar, he worked as a senior economist and then risk manager for Ivanhoe Cambridge. He holds two master's degrees, in urban policy and economics, from the New School in New York.
Hydro-Québec’s 2023-2032 Supply Plan highlights the green shift in the Québec economy. The utility’s plan anticipates massive energy demand growth stemming from widespread adoption of electric vehicles, along with the development of the province’s battery sector. In addition, Hydro-Québec expects to see continued healthy demand from data centers. Taken together, Hydro-Québec’s plan highlights structural shifts in the provincial economy, which should be supportive of future industrial space demand.
In the second quarter of 2022, 6.5% of new motor vehicle sales in Québec were battery electric vehicles. The fact that over 5% of Québec – and Canadian – new motor vehicle sales are now battery electric represents a stunning transformation of the auto market over the past several years. In fact, HydroQuébec estimates that Zero Emission Vehicles will represent 39% of the entire provincial automobile fleet by 2032.
The utility estimates that it will need to generate an additional 7.8-terawatt hours of electricity to support the electrification of transports over the next 10 years. Assuming its forecast is correct, Québec will likely witness an explosion of EV charging stations across the province to meet the needs of these vehicles. This will be an opportunity for real estate owners and operators to cater to this accelerating transportation trend. This could mean, for example, including charging station access as
Canada Québec
an amenity for condo or apartment dwellers, or adding charging stations as part of retail parking –something many developers are already doing.
Given its abundant clean energy, coupled with rich mineral wealth, Québec is eager to ensure that it becomes an integral part of global battery supply chains. Already, numerous companies have announced plans to invest in the province in this sector. Hydro-Québec estimates that 175 megawatts of energy will be needed in the winter of 2032 to support this industry.
The growth of these sectors is likely to fuel increased demand for industrial space across the province. For example, mining companies will need space to transport and store various ores. Industrial infrastructure will also be needed for battery manufacturing and recycling. Diverse ancillary supply chains will need to be put in place to support these projects, creating additional demand drivers for industrial space across these emerging sectors.
Data centers energy needs are expected to grow by a 20% CAGR between 2024 and 2032, based upon winter megawatt usage estimates. While a slower growth pace than the electric vehicle or battery sectors, with compound annual growth rates of 34.7% or 74.9%, respectively, the forecast
trend is nonetheless quite strong. This underscores the continued attractiveness of Québec for data centre providers given that the electricity is inexpensive relative to many jurisdictions - and clean - which ticks the ESG box for many cloud providers.
Assuming this estimate is correct, it suggests that the province is likely to see continued strong growth in demand for data centre space. Data centre operators may also want to take a page from OVH, which operates a water-cooled facility in Beauharnois. Thanks to its use of a liquid coolant, the company can reduce operational expenses related to air conditioning. Innovative ways to cool servers in an environmentally friendly and cost-effective manner is likely to become more important, as Hydro-Québec focuses on supplying other sectors; this policy shift may signal somewhat less advantageous electricity rates in the future for data centres.
The electric vehicle sector and emerging sectors like batteries are likely to further fuel structural demand for the province’s industrial space. This suggests that long-term industrial leasing fundamentals should remain quite healthy, especially as existing demand trends - like e-commerce and omni-channel retail - also continue to grow.
Paul Lewis was until recently a professor in the Faculty of Planning at the University of Montréal. From 2014 to 2018, he served as its Dean, and from 2018 to 2020, he served as Associate Vice-Rector for Alumni Relations. He has been doing urban photography for the past few years as an extension of his years of teaching urban planning. His photography can be seen at paullewis.photos.
The night this picture was taken, the day after a snowstorm, it was very cold, minus 20° Celsius. There were few people in the streets of Old Montréal, and those we passed did not linger. As in this picture, they were walking as fast as possible as they crossed a parking lot.
Winter can be beautiful, despite the cold. Some appreciate winter, others less so. Winter is seen by many as an inconvenience, even a problem, if only because travel becomes quite difficult at times. Here in Québec we like to say that "our country is winter", that winter is at the heart of our identity, which is how foreigners see us. But especially in urban areas, we often cope badly with winter, we do not always assume our winterness. Thus we try to erase as much as possible all traces of it. We can't do much about the cold, but when it comes to snow, we know what to do. We remove it, so that a few days after a storm there's usually not much left.
The city of Lévis has long been viewed as essentially an extension of Québec City and the north shore of the St. Lawrence, a bit like how Montréalers view Longueuil. But like Longueuil, it is now staking out its own identity, as can be seen in its recent growth and ongoing real estate development. Lévis intends to continue that momentum.
Lévis has grown considerably in size largely due to its merger with 9 neighbouring municipalities in 2002, from St. Nicolas to the west to St. Étienne de Lauzon in the east. With 150,000 inhabitants, it is similar in size to Terrebonne, Trois Rivières, Sherbrooke and Saguenay, but is well on its way to outpacing them if the number of new residences built in 2022 is any indication. In recent years the city has established an impressive record for growth.
"We expected to have 2500 new residences of various types in 2022 but so far the number built this year has climbed to 3000; the cranes are working non-stop," said Guy Dumoulin, a city councillor in Lévis and chair of the city's Planning and Development advisory committee. "Our growth has been phenomenal, and the unemployment rate is barely 2%. If we had to name a problem, it would be a shortage of manpower." The Chaudière-Appalaches
administrative region has the lowest rate of unemployment in Québec, at 3.5 %. Much of the growth is driven by what is commonly known as the "Desjardins Campus" which employs some 6000 workers. Its many buildings continue the legacy of Alphonse and Dorimène Desjardins and the credit union movement that began in Old Lévis in 1900.
"Our economy has diversified greatly over time," said Mr. Dumoulin, "with no less than 80,000 jobs at present. Our industrial parks are full, and 50% of workers now come from outside the city." The town has become a magnet, attracting many who choose to work and live there." And those who come attract others." He added that Lévis does not play the tax holiday card to attract new investors or new residents, promoting instead the fact that it is a dynamic milieu and a great place to live. In 2019 the Léger report on the Happiness Index, as perceived by ordinary citizens, ranked Lévis first among cities of 100,000 inhabitants or more in Québec. "We are renowned for our quality of life." He cited the town's 10 vast urban parks, including the Chutes-de-la-Chaudière park, the second most popular attraction in the Québec City region. He also pointed out the crime rate, which is very low for a city of its size. "I recently met tourists from Texas in a hotel lobby. They told me they chose Lévis after doing research and being told it was a safe place to visit."
Its former image as a dormitory town has long since passed into history. In addition to having one of Québec's two oil refineries (Valero Energy Corp.), reputed to be one of the most efficient in North America in terms of reducing its emissions, Lévis is also home to a burgeoning new high-tech industrial sector.
For example, in 2021 Microsoft purchased the former Charny golf course to expand its cloud-based service offering. In addition, the Québec firm Q Scale intends to invest more than one billion dollars by 2030 to create a huge industrial park of supercomputers.
Building on that momentum, the municipal council announc ed in early December commitments of $873 million for its next five-year 2023-27 infrastructure plan so as "to accommodate the city's phenomenal economic and demographic growth," according to the official communiqué. No wonder that demand for new housing continues to grow, not to mention the demand for residences for seniors. Of the 3,000 units being added in 2022, 400 are single-family or semi-detached homes and 2,600 are units in high-density buildings, notably rental condos plus a hundred social housing units.
"We see both local developers like Logisco or the CSB Group as well as firms from elsewhere. All are cognizant of the city's potential," said Guy Dumoulin. To facilitate matters for them, for the past eight years the city has had a project office that is a one-stop shop, "so that they don't have to knock on all kinds of doors and get lost in an administrative maze. It's one of our strengths." Like other cities, Lévis must deal with the spaces it has available, but is very aware that it has a lot to offer.
"We still have a substantial amount of land in central areas, which helps limit urban sprawl,"he noted. "We place the emphasis on rejuvenating existing spaces, which avoids creating new streets or roads. At the same time, we have approximately 200 hectares available for residential development in the St. Romuald district near the Québec Bridge that connects us to Québec City." It is there that the Pôle Chaudière business and residential hub is being developed, a commercial addition to the traditional downtown business core near the Galeries Chagnon.
Ah, the bridges... the question of the links to Québec City and the north shore remains a burning issue, as does discussions about a possible third link. While waiting for a concrete decision in that regard, work will soon be underway to facilitate travel between the two banks of the St. Lawrence. For example, the addition of a third lane to Highway 20 between Lévis and the bridges should be completed by 2024, and a lane reserved for buses is already in place on the Québec Bridge. Significant investments, in the order of $100 million, are planned for the construction of such roads within Lévis. That will make it easier to get around in the municipality, which covers almost 500 km2, an area larger than the Island of Montréal. It also demonstrates the city's strong desire to assert its own identity
When you opt for sustainable mobility and urban densification, putting you close to services of all kinds, you free up time to just live and reap the benefits.
The province’s largest representative of the commercial real estate industry, the Urban development institute of Quebec (UDI), promotes urban development that aims to tackle today’s demographic, social, economic and environmental challenges.
Joël Chareyron, Strategy & Business with the Alfid Group in Montréal, was elected in December 2022 as president of the board of directors of CERCLE 13. He succeeds Jason Boulanger, general manager at Canpro. Board members took advantage of their year-end cocktail party to celebrate the event in a festive atmosphere.
Several modern spaces in the heart of the most sought-after neighbourhoods in Montreal close to numerous amenities and public transit.
Many feel helpless in the face of tragedy elsewhere, such as the destruction and trauma experienced by the people of Ukraine. Local real estate firms decided to help families living in exile find a home.
The project began in April 2022 in a Russian church in Montréal where a woman originally from Moldavia happened to meet Liliia, a Ukrainian woman who fled the war with her two young children. Touched by the distress of the family and eager to help, the woman spoke with her daughter, Olga Cauia, senior property manager at LSR GesDev, who then talked to the firm's president, Annie Lemieux, and the vice-president, Construction and Development, Lucie Laliberté.
"The timing was good, because we had already discussed the possibility of hosting Ukrainian refugees," said Lucie Laliberté. "In fact, we had just completed Phase 3 of our Loggia condo rental project in St. Lambert and a few units were still available. But before hosting a family, we needed that decision approved by Ipso Facto and other financial partners involved in Loggia. They all said yes without hesitation."
Things moved quickly after that. On May 1, Liliia and her sons Volodymyr, age 11, and Vladyslav, age 6, moved into a brand new 3½-room condo. Inspired by that good deed, the Devimco Group and another real estate developer (a firm that wishes to remain anonymous) expressed a desire to help. Olga Cauia sent Devimco a photo of a couple who had appealed for help on Facebook.
"As soon as we saw the photo, we fell in love with the family," said Caroline Girard, vice-president, Property Management. The husband, Kanvaly, is from the Ivory Coast and his wife Irina is Ukrainian. Their son Alan is 4 years old. The three of them arrived
here on a plane chartered by the Canadian government, which also put them up in a hotel for two weeks. After that, it was up to them to find housing."
On a Sunday morning in June, Caroline Girard and her colleague Barbara Beaudry-Zanotty brought the family to Montréal to visit an apartment at Solar Uniquartier in Brossard. "We brought cuddly toy animals for the little boy, who has been through things that a child should not have to experience. Afterwards, we all went to my house for lunch to get to know each other better. Unlike her husband, Irina doesn't speak French but she does have a beautiful big smile that speaks volumes."
Like LSR GesDev, the Devimco Group made sure to get the green light from its financial partners before offering housing to the family. The Fonds immobilier de solidarité FTQ investment fund, along with other investors, promptly agreed to the proposal.
Employees in both firms rallied to the cause. From furniture to kitchenware, and toys to personal care and cleaning products, much of what was needed to furnish and equip the apartments was provided by the firms' employees, except for appliances, which are included in the Loggia and Solar Uniquartier projects. "One employee even donated the beautiful dinnerware she received as a wedding present," said Lucie Laliberté. "And one of our recommended suppliers, Jean L Décor, donated drapes and curtains."
In both cases the employees volunteered to clean the apartments and put everything in place. "When the family arrived, everything was ready," said Caroline Girard. "There was even a throw pillow on the sofa, and we also provided a home insurance policy. We wanted Irina and Kanvaly to be free of worries so that they could focus on their own happiness and on building a future for their family."
Kanvaly speaks French and had worked as a sales rep in Ukraine. He now works as a leasing agent at Devimco. "He's really good at it," she added, noting that he followed the normal hiring procedure. As for his wife Irina, she is learning French, as is Liliia, who is sponsored by LSR GesDev.
The experience made a big impression on the teams from the two firms. "Seeing people arrive in a foreign country where they don't speak the language and have only a small suitcase of clothing is very moving," said Olga Cauia, adding that the refugees did not expect such generosity. Irina even described her benefactors as angels come down from heaven!
Hosting the Ukrainians proved to be a project that brought people together in both companies. As Ms. Laliberté noted, "That time spent together assembling furniture and stocking cupboards strengthened ties. It’s better than a team-building activity."
In many ways, hotel operators are the guest experience experts. Take the Four Seasons Hotel Montréal, where guests are taken care of at every step: from the doorman greeting them to the captivating fragrance and ambient lighting to the welcoming smile of the staff and the stuffed animal waiting for your little one in the room. It’s this attention to detail that makes each stay truly special.
Retail customers expect the same level of experience.
In fact, experts claim customers now prefer centres that offer a memorable experience. This is particularly true for millennials, 72% of whom care more about the experience than the product. With strategic interventions and small investments, landlords can elevate the customer experience while keeping operating costs to a minimum.
Exclusivities are a deterrent to the customer experience, as they impede the development of new uses and services. For example, although valued by millennials, the sale of second-hand clothes is often prohibited in shopping centres. If you can’t eliminate restrictive clauses, we suggest negotiating temporary uses and onetime activations; and before granting exclusivity, be sure to consider its long-term impact.
Customer experience extends to all of the centre’s amenities. Bicycle parking, payment terminals and breastfeeding rooms all affect this experience. Studies show that 30% of customers are influenced by their washroom experience and that 66% will recommend a centre based on the time required to access such amenities. Landlords should therefore meet these expectations, given that higher satisfaction in this area prolongs the duration of a customer’s visit and results in additional sales.
Customer experience goes beyond the centre’s physical location. Some statistics indicate that 61% of customers consider their phone to be a "very important" part of their in-store experience. With their phone, customers can locate a store, find a parking space or communicate with a stylist. It is therefore ideal for landlords to offer digital solutions that allow them to connect with customers every step of their journey.
TENANTS
Prioritizing a mix of tenants that value customer experience will benefit the centre itself. Many retailers are embracing experience as a business strategy. So, in addition to verifying the tenants’ solvency, landlords should also ask tenants how they plan to contribute to the client experience of the centre.
In conclusion, an exceptional customer experience begins with the landlord’s vision, requires tenant buy-in and demands that all teams contribute to the development of creative initiatives, from marketing, leasing and construction to IT and even legal.
With the cooperation of me Louise N. Pelletier, Vice-president, Legal Affairs, Carbonleo.
Carbonleo is pleased to announce the appointment of Nicolas Désourdy as president of the firm.
Mr. Désourdy has 15 years of experience in retail and commercial real estate. He joined Carbonleo in 2012 as executive vice-president, and has been a partner for the past three years.
His leadership, dynamism and comprehensive knowledge of the organization will enable him to guide multidisciplinary teams towards reaching their objectives.
Carbonleo is a privately owned Québec real estate development and management company with a progressive, human and experience-oriented approach. The firm, which is celebrating its 10th anniversary, employs over 145 people and has developed a number of projects, such as Quartier DIX30, the Royalmount and the Four Seasons Hotel and residences.
Lachance Immobilier and the Fonds immobilier de solidarité FTQ investment fund inaugurated a new residential rental project on Nuns' Island, 16 Place du Commerce. Located just metres from the Nuns' Island REM station, the 142-unit prestigious building, which also includes 6,000 sq. ft. of commercial space on the ground floor, marks the successful conversion of a 1992 office building into a residential building. The first tenants will be moving in starting February 15, 2023.
The mandate is to manage a new real estate project at 1124 de Bleury Street in downtown Montréal. The SERRA project consists of 245 apartments – from small studios to two-bedroom units – that reflect a refined, minimalist architectural design. The units overlooking the courtyard, which is enhanced by a large garden, will allow families, couples and professionals to enjoy the best of Montréal's urban experience!
MACH i s pleased to announce the appointment of Véronique Alepin as Vice-President, Real Estate Development.
A geographer by training who has worked in the field of urban planning since the beginning of her career, Véronique has 22 years of experience in real estate planning and development. For the past 12 years, she was a partner
Fiera Capital Corporation, an independent investment management firm, has announced the appointment of Wenzel Hoberg as Global Head of Real Estate. With more than 25 years of experience in the real estate industry, he will lead the growth of Fiera Real Estate's Canadian and UK platforms in key markets, supporting the firm's capital raising efforts and partnership development. Mr. Hoberg will be based in Toronto.
Jack Eisenberger, owner of Fieldgate Developments, along with Marc Doré, President of the real estate development and construction division at Cogir Real Estate, and his colleague Benjamin Demelin, Regional Director, joined with London Mayor Josh Morgan and Councillor Anna Hopkins on Tuesday, December 20 for the official groundbreaking ceremony launching the construction in London, Ontario of the fourth retirement residence under the Bloom banner.
connecting downtown Montréal
•Modernized common areas
• Major renovations and exterior rejuvenation completed
IN BROSSARD, AT THE CORNER OF AUTEUIL AND LAPINIÈRE
OUR NEW PROJECT IS WAITING FOR YOU!
•10 minutes from downtown Montréal
•Modern and bright entrance hall and common areas
• Energy efficient lighting
662, AV. VICTORIA, SAINT-LAMBERT
AVAILABLE NOW !
COMMERCIAL (UP TO 2,150 sq. ft.)
OFFICES (UP TO 4,721 sq. ft.)
• Indoor and outdoor parking lots
4605, BOUL. LAPINIÈRE
• •
Up to 10,000 sq. ft. available soon
Energy efficient installations in place
•
Quick access to Highway 10 and downtown Montréal
•Near Quartier DIX30
•10 minutes walk from the Express-Chevrier bus station
