At a Glance
- Second largest industrial park in Canada with 6,600 buildings and 29 million m2
- 772 office buildings, featuring offices with a minimum of 1,858 m2 in floor space, for a total of more than 8 million m2
As the second largest metropolitan area and second leading business centre in Canada, Greater Montréal is a strategic platform in North America, both commercially and financially, and in terms of real estate. Numerous developers and investors have an interest in Greater Montréal, as they are attracted by the quality and variety of the projects currently under development or construction. Several large institutional construction sites—theatre district, new university centres, and mega-hospitals—also provide long-term prospects for the area.
Top Four Reasons to Choose Montréal
1. Ongoing demand for housing and commercial space in downtown districts
Characterized by excellence, innovation and creativity, Greater Montréal is home to world-renowned universities and fast-growing industrial clusters, in particular in aerospace, life sciences, and information and communications technology. This high concentration of quality jobs steps up the urbanization process and stimulates the real-estate market.
2. Conversion potential of industrial buildings
Following Greater Montréal’s shift toward an economy centred on services and high knowledge, the many industrial buildings to be converted into offices, retail establishments, laboratories or housing are attractive to developers with expertise in this area.
3. The projected growth in the residential property sector, which forecasts an increase in demand greater than demographic growth, at least until 2026
Internal migrations, immigration and the breaking up of households are in fact transforming the sector, which must adapt by offering housing units that are larger and closer to family services, as well as smaller units for single people. This will lead to many more business opportunities for investors and developers.
4. Lowest operating costs in North America
The competitive incentives and cost of labour, office and industrial space as well as electricity make Greater Montréal an ideal location for setting up a company. According to KPMG (2013), Metropolitan Montréal ranks first among the 20 largest cities in North America in terms of competitive operating costs. The cost-benefit is more than 10% for all sectors combined compared to the average for the other 19 major cities.
Source: Montréal Real Estate, Retrospective and Outlook 2000-2015