Montreal – “With office vacancy rates across the country at about double where they were in 2020 and housing options critically short, pivoting from office to residential showcases that developers continue to believe in the strength of the Montréal market,” said Luciano D’Iorio, Regional President & Managing Partner at CDNGLOBAL Québec.
Real estate developer Cadillac Fairview announced that a Montreal project slated to be constructed as office space in downtown Montréal will instead be built as 510 rental apartments, with an anticipated delivery date in 2026.
He continued: “Both landlords and developers are increasingly looking to get creative with their vacant spaces and converting them into residences is one option. Since 2021 about 2.8 million square feet of office space has been removed from inventory across Canada, with much of it set to be converted into homes. We’re also seeing traditional office space being repurposed to fit other needs such as medical facilities, pop-up retail shops, and entertainment venues.”
Mr. D’Iorio cautions that the complexity of these types of projects can make them a challenge financially and can be limited as areas with commercial zoning need to be adapted to residential or mixed use.
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