22nd MIPIM - Montreal: A Thriving Real Estate Market

Richard Deschamps, member of the Montréal Executive Committee responsible for economic development, infrastructures and roads, will head a group of Montréal decision-makers as part of the 22nd Marché international des professionnels de l'immobilier (MIPIM) (world's premier real estate market), which will be held in Cannes, France, from March 8 to 11, 2011.  "With more than 17,000 participants from 80 countries, this annual rendezvous is very important for Montréal as it contributes to the city's international reputation by promoting some of its major projects with foreign investors and real estate developers," said Mr. Deschamps.

For a sixth consecutive year, Montréal and its partners will take advantage of this international real estate showcase to promote major projects for Montréal as well as the services of Regroupement Montréal partners. Some 100 key projects are currently underway or in the planning process throughout the city, including priority sites such as the Quartier des spectacles, Montréal Harbourfront, Montréal Technopole and the Quartier de la vie - Muséums nature.

Richard Deschamps will attend several business meetings aimed at promoting foreign investment as well as the Mayors' Think Tank "Building the city together: urban strategies and integrated solutions' implementation", which emphasizes new models for financing infrastructures throughout the world.

Major economic spin-offs
The establishment of the Novotel Hotel in Montréal's Technoparc is one of the direct spin-offs of the Technoparc's participation in the MIPIM. This French-owned hotel, which is valued at $14 million and employs some 40 people, has generated $500,000 annually in property taxes since 2006. Also, the French high-tech company, Thales, has also chosen to establish business in Montréal's Technoparc as a result of contacts made through the MIPIM. Today this Canadian centre for excellence employs 145 people and occupies an area of 50,000 square feet.

Montréal, a strong real estate market
Held amidst a worldwide economic and financial crisis, the 2010 edition of the MIPIM enabled Montréal to rise from other cities as an attractive destination with a stable and safe real estate market for foreign investors. Today's market conditions still play in favour of Montréal which must build on its assets.

In its February 2011 edition, the Globe & Mail reported that the Montréal real estate market was revitalizing and that investors were rediscovering the metropolis of Québec.

Also, according to a study by Groupe Altus: "As the second most important metropolis and business centre in Canada, Montréal is well positioned to take advantage of the economic recovery. The city's office building market is strong and hasn't suffered too much from the recent worldwide economic crisis. It is the most predictable Canadian market and one that has better withstood the economic crisis. (…) Now is the time to find opportunities, because the Montréal market posts higher returns as well as more affordable and stable prices."

on March 4, 2011