“There are currently a large number of premises available on the rental market,” notes Jean-Pierre Proulx, founder of the real estate brokerage firm Proulx-Vadnais. We can not [certainement pas] talk about shortage. ”
He further observes that a good number of tenants (professional firms and others) are trying to reduce their costs by subletting part of the unoccupied premises. A difficult exercise, however, given the supply which far exceeds the demand.
It can be roughly calculated that 15% of the total area of premises offered for subletting find it difficult to find a taker. Prior to the pandemic, there were very few premises available in the market, which had seen strong turmoil over the previous seven years.
Jean-Pierre Proulx, founder of the real estate brokerage firm Proulx-Vadnais
One thing is certain, specifies the experienced broker, teleworking is here for good and this will have a direct impact on the vacancy rate of rental properties.
“Many entrepreneurs I talk to feared [avant la pandémie] that it was going to hurt productivity, he submits, but now they realize it’s just the opposite. ”
Under such conditions, he does not see dawn on the horizon of new construction of office buildings in the third city of Quebec, with 437,413 inhabitants.
“I wouldn’t see myself going to my banker to solicit funding for a project like this,” he puts into context.
New tower in the “new city center”
PHOTO PHILIPPE BOIVIN, SPECIAL COLLABORATION
Construction work on the new office tower is progressing rapidly.
Meanwhile, in what is now called Laval’s “new downtown”, construction work on a new 16-story office tower is progressing at a very good pace.
“We are finishing the top floor,” emphasizes Frédérick Truchon-Gagnon, director of public affairs at Groupe Montoni. Everything will be finished by fall 2022. ”
This building is part of the Espace Montmorency, which has two residential towers and a 185-room hotel, whose construction is due to begin within the next year.
The director does not hide that the pandemic has forced the Montoni Group – which is carrying out the project in partnership with the Selection Group and the Real Estate Fund of the Fonds de solidarité FTQ – to take into account the new expectations of employees and employers.
“We saw it as an opportunity,” she points out. We have adjusted our offer according to the new reality. For example, an entire floor, the eighth, will be dedicated to collaborative work. It is a choice that we made. Our tenants will be able to book meeting rooms, accommodate employees who will continue to work in a hybrid mode. ”
Creativity space
It will be understood that the partners taking part in this large-scale project want to impress their future tenants in order to attract them to this 16-storey “workspace”.
“We want this to help attract talent,” notes Frédérick Truchon-Gagnon.
We will go to the office to chat with our colleagues, have a drink at the end of the day and, who knows, go skating in the huge interior courtyard of the complex.
Frédérick Truchon-Gagnon, Director of Public Affairs at Groupe Montoni
“We’re heading towards that, working in an environment conducive to creativity,” she adds.
At the City of Laval’s economic development department, they say they are watching the situation closely. “The City is in the process of analyzing the various challenges and opportunities that this new reality creates at the economic level in this specific market. Consulting our partners to better understand their reality is also essential for us in order to fully understand how this will affect the territory and the markets concerned. It is therefore still too early to draw any conclusions, ”says Director of Communications and Marketing Anne-Marie Braconnier.