Commercial Real Estate Magazine volume 16 - issue 3

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– QUÉBEC MARKET –

VOLUME 16 | ISSUE 3

ANIK SHOONER

CREATING INSPIRING LIVING ENVIRONMENTS VINCENT CHIARA TURNING A PROBLEM INTO AN OPPORTUNITY WHEN MUNICIPAL BY-LAWS LEAD TO DE FACTO EXPROPRIATION REAL ESTATE DEVELOPERS EYEING THE EAST END STÉPHANIE GOULET AT THE QUEEN ELIZABETH See page 33

PP 41614528

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WORD FROM THE PUBLISHER

PUBLISHER Jacques Boisvert EDITORIALS Journalists : Foulques Delbar, Nathalie Savaria, Nathalie Vallerand and René Vézina Content quality and assistant editor : Céleste Carpentier CONTRIBUTORS TO THIS ISSUE Sylvie Bouvette, Jean-Michel Champagne, Jean-Marc Fournier, Emmanuelle Gril, Paul Lewis, Diana Pricop, Marie-Lou Rancourt, Murielle Sand, Mitch Strohminger and Josée Vidal

Jacques Boisvert Publisher

TRANSLATION, REVISION AND PROOF-READING Neil Kroetsch

jacques.boisvert@jbcmedia.ca

PRODUCTION Supervision : Edith Lajoie Graphic design, layout and advertisements: Carole Bordeleau from Carbodesign PHOTOGRAPHS Denis Bernier, Laëtitia Boudaud, Éric Carrière and Foulques Delbar COVER PAGE PHOTO © JBC Média by Éric Carrière ADVERTISING Claire Boisvert Sales advisor Marie Girard Advertising project manager Montréal 450 670-7770

Québec 418 317-0669

ADMINISTRATION Edith Lajoie Executive Director ACCOUNTING Catherine Faucher Philippe Bérubé CPA PUBLICATIONS POST Agreement no PP 41614528 RETURN ADDRESS 70 De La Barre Street, suite 120 Longueuil QC J4K 5J3 SUBSCRIPTIONS Fatima Reynel Gracia Subscriptions supervisor abonnement@jbcmedia.ca www.jbcmedia.ca Legal deposits — Library and Archives Canada and Bibliothèque et Archives nationales du Québec, 2009 All requests for copies must be made in writing to the publisher. If your request is accepted, it must clearly indicate the source, as follows: From Commercial Real Estate Magazine.

The name of the author or photographer must also appear.

Please note that this magazine appears seasonally.

Publication dates subject to change ISSN 1916-6656

Commercial Real Estate Magazine is published by JBC Média inc.

President: Jacques Boisvert 70 De La Barre Street, suite 120 Longueuil QC J4K 5J3 Telephone: 450 670-7770 Toll free: 1 866 446-3185 Fax: 450 670-7771 info@jbcmedia.ca

ANIK SHOONER IN THE SPOTLIGHT! The commercial real estate and urban development sector in Québec includes several outstanding individuals. But since our publication is published six times a year, only a few are selected for the front page of the magazine. The choice is never easy, for many deserve to be front and foremost. That indeed is the case with the architect Anik Shooner. She graciously agreed to be interviewed for a look back at her extraordinary career, replete with awards, distinctions and impressive projects.

This issue also includes interviews with other industry leaders such as Alison K. Chave, senior vice-president and co-head, Debt Capital Markets, at JLL Canada.

Two major strategists in the valuation sector (and long-time collaborators with Commercial Real Estate magazine) are retiring from the Altus Group: Sylvain Leclair and Yves Godin.

They paint an intriguing portrait of how the industry has changed during the course of their impressive careers. I join my team in sincerely thanking them for their contributions to our publications over the years. Enjoy your retirement!

As Sylvain Leclair points out in this issue, "In today's market, there are two types of investors: those who buy at a discount to reposition the asset and add value, and those who want to acquire a stable, sustainable asset with less risk." Vincent Chiara, president of the MACH Group and still very much in acquisition mode, certainly belongs to the first group. He chatted with the business journalist René Vézina, who also spoke with the senior economist at Desjardins, Hélène Bégin.

Our interviews with former participants in the Upcoming Generation series continues, this time with a woman I affectionately call Madame 100,000 volts, the impressive Brigitte Dupuis. She discusses the day-to-day challenges she faces as senior project manager at the Brivia Group.

I invite you to browse through your magazine. You'll discover many other items of interest.

Enjoy your reading!

Jacques Boisvert Publisher

www.jbcmedia.ca We acknowledge the financial support of the Government of Canada

COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

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CONTENT : : VOLUME 16 | ISSUE 3

3 WORD FROM THE PUBLISHER Anik Shooner in the spotlight!

7 INTERVIEW – ANIK SHOONER Creating inspiring living environments

CONTENT 14 REAL ESTATE DATA Large-scale Transactions - Montréal Region

18

16 SUSTAINABLE DEVELOPMENT Corporate responsibility mechanisms: are we there yet?

DID YOU KNOW? Four new partners at once at Immostar

22 INTERVIEW – VINCENT CHIARA Turning a problem into an opportunity, the Vincent Chiara way 28 DID YOU KNOW? Substantial investments in Montréal parks 30 WHATEVER BECAME OF THEM? – BRIGITTE DUPUIS Driven to excel 42 DID YOU KNOW? Montréal Real estate developers eyeing the east end 46 REAL ESTATE OVERVIEW Alison K. Chave A thirst for learning 50 DID YOU KNOW? Mellem Manoir-des-Trembles A tenant-focused project 56 INTERVIEW – NATHALIE MARTIN Named distinguished urban planner 64 DID YOU KNOW? Auguste & Louis Quartier des lumières – a new flagship project 65 INDUSTRY INFO 4

COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

26 ECONOMY A year for caution, with bright spots on the horizon

34 DATA + FACTS = SMART INVESTING Two real estate pros retire

40 PROPERTY LAW When municipal by-laws lead to de facto expropriation

44 WORD FROM THE IDU Teleworking An urban risk

52 REAL ESTATE ANALYSES The Montréal of tomorrow is emerging today

55 COMMON AREAS The water tower

60 FRESH TAKE Optimize the opportunities of a tourist clientele

62 WOMEN WITH EXPERTISE AND INFLUENCE Insurance, yes, but the key is prevention!

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INTERVIEW

ANIK SHOONER

CREATING INSPIRING LIVING ENVIRONMENTS

BY NATHALIE VALLERAND, JOURNALIST

As a child, Anik Shooner like building houses with Lego blocks and designing towns and cities. A few decades later, she still has a passion for architecture.

Over the years, she has contributed to several landmark projects such as the Centre for Sustainable Development, the new head office of the National Bank and the science complex of the University of Montréal's new MIL Campus, which received the 2023 Award of Excellence in Architecture from the Ordre des architectes du Québec.

A ANIK SHOONER President MSDL Architectes

nik Shooner began her career as an architect in 1987. Because she wanted to see the country and because job prospects were poor in Québec at the time, she headed for Toronto.

There she found work at WZMH Architects, the firm that designed the iconic CN Tower.

Her talent did not go unnoticed. After four years in the Queen City, her employer asked her to return to Montréal to oversee the design of the Canadian Space Agency's headquarters in Longueuil, a $60 million project. She was only 26. "I was young and inexperienced," she admits. "Then again, no one had experience in that type of project. It was the only one in the country!" Even today, the Space Agency remains the most significant achievement

JBC MÉDIA BY ÉRIC CARRIÈRE

COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

7

INTERVIEW

of her career. "It was the first project I was responsible for and the first one I did in Montréal. I knew the technical details by heart. I really gave everything I had to ensure it would be a success."

NEW HORIZONS In 1994 Anik Shooner joined forces with the architects René Menkès and Yves Dagenais to launch their own firm. After Jean-Pierre LeTourneux came on board in 2004, the firm became Menkès Shooner Dagenais LeTourneux Architects, also known as MSDL. From an initial six employees, it now has more than 120 and is one of the biggest architectural firms in Québec. That is a great source of pride for its president and senior partner. "Having contributed to building a renowned architectural firm that provides a healthy work environment for so many people is my greatest achievement," she said.

Phase 2 of the new CHUM hospital complex, the rejuvenation of Place Ville Marie, the 1 Phillips Square Tower, the Grande Bibliothèque, the CHUM research centre, the restoration of the Louis H. La Fontaine psychiatric hospital… Since its inception, MSDL has worked on several large-scale projects that have transformed the Montréal landscape. To think that its co-founder hesitated about enrolling in the School of Architecture at the University of Montréal because the MSDL ARCHITECTES

NEW NATIONAL BANK HEAD OFFICE IN MONTRÉAL

UNIVERSITY OF MONTRÉAL SCIENCE COMPLEX, MIL CAMPUS MSDL ARCHITECTES

8

COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

country was in the midst of a recession and jobs were scarce in the field!

The firm currently has a hundred projects underway. Among those where Anik Shooner is the project manager is the new head office of the National Bank. Erected at the corner of St. Jacques Street and Robert Bourassa Boulevard, the 40-storey building will be iconic, she said. "It's likely to make people want to come back to work in the office." The building, which is aiming for LEED Gold and WELL Silver certifications, will be adjacent to an urban park, and features a rooftop tree and shrub garden.

On another front, MSDL's senior partner is responsible for the expansion project at Pierre Le Gardeur Hospital in Terrebonne. She is also the firm's representative in the expansion of the Verdun Hospital and the future Vaudreuil Soulanges Hospital, three projects carried out in conjunction with other architectural firms.

"What I like about hospital projects is that they provide a community service. Building a hospital that is as functional as possible and that will help heal people is inspiring," said the woman who also participated in the modernization of St. Justine Hospital.

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CENTRE FOR SUSTAINABLE DEVELOPMENT, MONTRÉAL COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

9

ENTREVUE

1 PHILLIPS SQUARE TOWER, MONTRÉAL MSDL ARCHITECTES

FOCUS ON DIVERSIFICATION MSDL's playground is vast. "Oftentimes, architects specialize. They only do public contracts or only private. Whereas from the beginning, we chose to do both because we wanted to minimize the impact of economic downturns," she noted.

But that decision was not just about survival. It was also motivated by a desire to do a variety of projects. "To me, an architect is a generalist. Yes, it takes more effort, for there are no set recipes or standardized procedures. But it's so exciting!"

Not to mention that working on condo towers as well as office buildings, schools, hospitals and resort projects such as L'Hymne des Trembles in Tremblant, encourages the transfer of knowledge and ideas between the different types of projects.

MSDL is a pioneer in sustainable development. It was the first firm to receive LEED Gold certification for a university in Canada (Pavillons Lassonde – Polytechnique Montréal in 2005), and the first firm in Québec to receive Platinum certification (Centre for Sustainable Development in 2013).

A LEGACY FOR CITIES AND CITIZENS After 36 years of practice, Anik Shooner is as passionate about architecture as she was on day one. What drives her? "I love creating healthy and 10

COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

inspiring environments for people. Also, buildings are legacies for a city and its citizens, and will be for many generations."

The experienced architect also enjoys the creative process. "We start with a blank page. We look for solutions, ideas, we brainstorm. We work as a team with clients, contractors and engineers. Then one day you walk into the building without a hard hat or construction boots and see the people smiling and happy to be there. Every time I walk in I think, This is why I'm an architect," says the woman who was named a Fellow of the Royal Institute of Canada in 2000 at age 36.

What are her sources of inspiration? "The history of a site is always something to consider. For example, there was once an ice warehouse on the site of the ÉTS Student House, so we designed a building whose glass and angles evoke its transparency, the ice breakups each spring. Neighbouring buildings are also a source of inspiration, as every project must harmonize with its surroundings."

She finds travel a great stimulus for ideas. "I have travelled a lot, always observing architecture, living environments and nature. In a big city, I first visit the Museum of Contemporary Art. The museum itself is usually the work of renowned architects.

And contemporary art feeds my imagination."

PIERRE LE GARDEUR HOSPITAL IN TERREBONNE

MSDL ARCHITECTES

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514 286-0188

btbreit.com COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

11

INTERVIEW

ETS STUDENT CENTRE, MONTRÉAL

MSDL ARCHITECTES

"I want to continue our tradition of excellence, to continue to set the bar high as we have always done. Quality architecture is aesthetically pleasing, technically efficient, environmentally friendly and promotes the well-being of building occupants. I also believe it contributes to making people happy."

– Anik Shooner

MODERNIZATION OF ST. JUSTINE HOSPITAL CENTRE, MONTRÉAL

MSDL ARCHITECTES

ENSURING CONTINUITY In 2020 the co-founder of MSDL was awarded the Ordre du mérite de l'Université de Montréal, and in 2022 was named a Knight of the Ordre national du Québec. These distinctions highlight her remark­ able career, but also her commitment to her profession and to the community: six years as vicepresident of the Québec Association of Architects in Private Practice, member of the architectural competition jury, ambassador of the planned giving campaign for the University of Montréal's School of Architecture, president of the Société de musique contemporaine du Québec, etc.

At age 58, Anik Shooner is the youngest of the three co-founders of MSDL (René Menkès died in 2019). "Ensuring the firm's continuity is a priority for us. It is not for sale and we want it to remain in Québec. That's why we invest a lot in building the next generation." In fact, six architects have become partners since 2016, four of them women.

"It's important for me to put women forward and ensure that we are equal in number to men in the office."

What is her vision for the future of the firm? "I want to continue our tradition of excellence, to continue to set the bar high as we have always done. Quality architecture is aesthetically pleasing, technically efficient, environmentally friendly and promotes the well-being of building occupants. I also believe it contributes to making people happy."

DOWNTOWN YUL CONDO TOWERS, MONTRÉAL 12

COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

MSDL ARCHITECTES

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REAL ESTATE DATA

LARGE-SCALE TRANSACTIONS MONTRÉAL REGION ADDRESS

Diana Pricop Guest Columnist

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.

ARRONDISSEMENT / CITY

PRICE

SELLER

3400 Raymond-Lasnier Street

Saint-Laurent

Industrial

$108,500,000

Parkgreen Limited Partnership, Capital DC Inc.

1355 Le Corbusier Blvd.

Laval

Multi-Res

$83,320,000

Urbania Development Corp.

8500-8760 Marien Place

Montréal-Est

Industrial

$66,500,000

Brault & Martineau

Intercontinental Hotel Montreal

Ville-Marie

Hotel

$47,000,000

Pandox

Saulnier Street

Laval

ICI Land

$38,000,000

9431-5579 Québec Inc.

8885 Trans-Canada Road

Saint-Laurent

Office

$32,000,000

Forgestone JV Canderel et al.

2000 Saint-Marc Street

Ville-Marie

Multi-Res

$29,250,000

Acmon inc. (Cogeim Management Inc.)

9900 Irénée Vachon Street

Mirabel

Industrial

$28,000,000

Lion Electric

33 Argyle Ave.

Saint-Lambert

Multi-Res

$26,500,000

Centre de santé Saint-Lambert

1501 Ampère Street

Boucherville

Industrial

$24,700,000

Groupe BMR Inc.

210-250 Jean Coutu Street

Varennes

Industrial

$23,400,000

Innoval

2385 Chomedey Blvd.

Laval

Retail

$22,138,970

Groupe Lachapelle

2400 de la Métropole Street

Vieux-Longueuil

Industrial

$21,910,000

Groupe BMR Inc.

8401 Trans-Canada Road

Saint-Laurent

Office

$20,500,000

Forgestone JV Canderel et al.

8801 Trans-Canada Road

Saint-Laurent

Office

$20,000,000

Forgestone JV Canderel et al.

3400 RAYMOND-LASNIER ST., VILLE ST. LAURENT 14

ASSET CLASS

COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

BUYER

NUMBER OF DOORS

PRICE PER DOOR

SIZE (PI2)

PRICE PER PI2

Montoni JV Aimco

N/A

N/A

474,000

$229

Centurion Apartment REIT

240

$347,167.00

N/A

N/A

Groupe MACH

N/A

N/A

400,000

$166

Groupe MACH

357

$131,652.66

N/A

N/A

Rosefellow

N/A

N/A

801,860

$47

Groupe MACH

N/A

N/A

132,670

$241

Greybrook Realty Partners

160

$180,619 (ajusted)

N/A

N/A

BTB REIT

N/A

N/A

176,819

$158

SCPI Pierval Santé

190

$139,474.00

N/A

N/A

Gestion immobilière Place Dorée Inc.

N/A

N/A

200,000 (estimed)

$124

La Compagnie d'Assurance du Canada sur la Vie

N/A

N/A

94,957

$246

Automotive Properties REIT

N/A

N/A

37,108

$597

Gestion immobilière Place Dorée Inc.

N/A

N /A

67,000 (estimed)

$327

Groupe MACH

N/A

N/A

84,065

$244

Groupe MACH

N/A

N/A

112,636

$178

T1-2023 (Jan. - March). The data were compiled with care, but neither the publisher nor Altus Group can be held responsible for any errors or omissions.

MONTRÉAL INTERCONTINENTAL HOTEL COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

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SUSTAINABLE DEVELOPMENT

CORPORATE RESPONSIBILITY MECHANISMS :

ARE WE THERE YET? Jean-Michel Champagne Guest Columnist

Since the late 1990s codes of conduct, certifications, awards and benchmarks have allowed industries, including those associated with commercial real estate, to selfregulate. However, the lack of a standard of comparison hinders the transparency of organizations' ESG performance. Will the current consolidation of non-financial reporting mechanisms finally lead to a shared language? To find out, it is important to understand self-regulation tools and their limitations.

THE ADVENT OF SELF-REGULATION One cannot talk about extra-financial factors without understanding the mechanisms that regulate companies. In the 1970s the trend towards over-regulation of companies receded in favour of economic liberalization. The latter, however, created a vacuum. Without strong regul­atory mechanisms dictating what a company can and cannot do, how can we know if its nonfinancial performance is positive? And above all, how can we compare one firm with another?

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.

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Due to growing pressure from shareholders, creditors, civil society, clients, governments and the media, several industries, including the real estate sector, began to develop their own evaluation mechanisms. The early 2000s saw the emergence of numerous self-regulatory tools and benchmarks to monitor corporate performance. Using those tools led to the develop­ment of ESG factors. But how can something be measured if there is no method to evaluate it?

Not all tools have the same function. They must be separated into three categories.

1. Codes, Standards, Norms and Principles This category includes all documents and guides used to define ESG criteria, establish a relevant nomenclature and guide companies' thinking. These are the pillars that enable the production of specific reports and strategies.

2. Certifications, Reports and Accreditations This category includes all tools and bench­ marks used to assess the ESG performance of a given industry, and compare companies within that industry. It is generally impossible to modify or adapt those tools to each company's particular situation.

COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

3. Voluntary Declarations and Transparency This category includes non-financial reporting frameworks, i.e. recognized guides and tools that allow firms to report their ESG factors in consistent templates. Some are voluntary and flexible, others are binding and controlled.

CONSOLIDATION OF STANDARDS Like the advent of self-regulation two decades ago, the 2020s will be marked by the consolid­ ation of those tools in an increasingly restrictive framework, and eventually, by their institution­ alization through regulatory requirements.

The first standards applicable to Canadian companies will be IFRS S1 and S2. These standards will establish the basis on which all firms will have to build their non-financial reporting strategy. The two standards will allow for precise determination of ESG factors that public companies (listed on the stock exchange) must disclose annually.

Although public companies will be the first to be affected by this consolidation, experts predict that the vast majority of private companies will also have to comply to some extent in order to meet the demands of their customers, shareholders and creditors.

IMPACT OF CERTIFICATIONS In order to meet the new requirements resulting from the consolidation of standards, commercial real estate companies could use existing certification tools to provide data for their extra-financial statements. For example, major certification programs such as BOMA Best and LEED contain elements of social and

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environmental performance accounting.

They could be used to comply with new standards of extra-financial accounting.

The problem is generally not to do the right thing, but rather to be aware of it and to consolidate knowledge of your firm in an effective manner.

DUTY OF TRANSPARENCY With the consolidation of standards will come a moral or legal obligation of transparency. Historically, extra-financial reporting, often called ESG reporting or sustainability reporting, has been handled by communications and marketing teams.

Research has shown that firms making extra-financial statements tend to over emphasize positive aspects and to under­ state or hide negative aspects.

The arrival of the new standards will change the situation, because within the next year financial teams will have to integrate ESG performance into their statements.

Investors, but also creditors and clients, will gradually have access to verified, neutral and complete information.

LÉVIS C

M

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CM

MJ

CJ

CMJ

Companies that have not yet started incorpo­rating ESG factors into their annual reports, as well as those that are already doing so, will have to watch for the unveiling of IFRS S1 and S2 in the summer of 2023 in order to know what to do in the years to come.

N

Business opportunities to seize in a fast growing city Best economic vitality index in Québec among the 10 biggest cities

Population of 154 091 And growing every year Key features of interest for investments (income, schooling, etc.)

courantlevis.com (website in French only)

COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

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DID YOU KNOW ?

From left to right : Kevin Lachance, partner, vice president finance and strategy ; François Pelchat, partner, vice president of development and marketing ; Christian Goupil, partner, vice-president of operations ; Jean-François Poirier, partner, vice-president of investments and valuation of assets ; André Pelchat, president ; Jean-François Gobeil, partner, senior manager of accounting and administration ; Me Émilie Esber, partner, vice-president of legal affairs.

IMMOSTAR

FOUR NEW PARTNERS AT ONCE AT IMMOSTAR

BY NATHALIE VALLERAND, JOURNALIST

The Immostar property management firm is known for its energy and verve. As its 20th anniversary approaches, it has taken on four new associates to further solidify its management team and ensure the firm's longevity.

E

mployed at Immostar for a number of years, the new partners stand out for their innovative drive, their creativity, integrity, team spirit, rigour and profession­ alism. They are: Émilie Esber, Jean-François Gobeil, Christian Goupil and Jean-François Poirier (see p.20).

"After Kevin Lachance and François Pelchat in 2016, I am very pleased to welcome four other superstars to our partnership team. Together, we will continue to making the ordinary extraordinary," said André Pelchat, founding president of the firm, which has 113 employees.

In business since 2003, Immostar projects include four condo rental buildings (the MU, Le Huppé, Loges St. Nicolas and Maguire sur l’Avenue), as well as the Place de l’Escarpement office building in the Greater Québec City region. It manages a portfolio of 57 properties worth $750 M, a total of 3 million square feet.

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COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

WELCOME NEWS "When the news was shared, it was the words 'depth' and 'strength' that came up most often," said François Pelchat, vice-president of development and marketing.

"The news was also positively received by investors, subcontractors, clients and employees, a signal that we are solidifying the firm's assets by welcoming as partners experienced employees who have been with us for several years. That sends a strong signal of confidence to the market."

"With their respective expertise in law, accounting, building operations and financing/investment, the new associates complement the strengths of the three other partners," added François Pelchat.

"They all have impressive track records and a large network of contacts," said Kevin Lachance, vicepresident of finance and strategy. "Their expertise is recognized by their peers. Thanks to them, we now

have the wherewithall to pursue our vision, our strategic objectives and top quality projects."

Speaking of which, Immostar has many projects underway.

It is now venturing beyond its usual market to launch a 218-unit building of rental condos in Trois Rivières. Next to the Cogeco Amphithetre Cogeco at the confluence of the St. Lawrence and St. Maurice rivers, the building will be equipped with a geothermal system and will aim for LEED certification. "It will be a signature project," said François Pelchat, adding that the architecture evokes the pulp and paper mill that was formerly located on the site.

STRUCTURED TO LAST The possibility for members of management to become partners plus the recent introduction of an incentive plan for certain key employees reflects a structured approach aimed at employee retention and the future longevity of Immostar. As André Pelchat noted, "It is also a tool for finding and keeping top talent."

FUTURE IMMOSTAR PROJECT, IN TROIS-RIVIÈRES

IMMOSTAR

Kevin Lachance points out that André Pelchat was planning ahead and made a strategic decision in making him and François partners when he was only 53. "There are so many horror stories about handing over a business to the next generation. Many founders only get round to succession planning when it's too late."

At age 60, André Pelchat has peace of mind. He can concentrate on his role as president and mentor without worrying about the future. With the addition of the four new partners, he is ensuring the longevity of the firm.

IMMOSTAR

INDEPENDENT ADVISORY SERVICES IN REAL ESTATE The leading source for expertise and understanding of the Real Estate market in Canada.

Montréal : 514 392-7700 Québec : 418 628-6019 altusgroup.com | info@altusgroup.com

COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

19

DID YOU KNOW ?

WHO ARE THEY? The lawyer Émilie Esber is the first woman to be named a partner in the firm. She has been working in the real estate sector for the past 15 years, 10 of them at Immostar. As vice-president of legal affairs, she is in charge of a wide range of complex operations, from financing to purchasing land, project development, negotiating partnership agreements, drafting contracts, etc.

The senior manager of accounting and administration Jean-François Gobeil joined the firm in 2016 after 10 years in accounting and property management. A chartered accountant, he maintains a keen interest in taxation, financial planning and producing financial results.

Also a whiz with numbers, Jean-François Poirier has been part of the Immostar team since 2009. In his duties as vice-president of investments and valuation of assets, his work on projects extends from the analysis of a business opportunity to all the details involved in making a building operational. Budget tracking and construction financing management hold no secrets for him.

At Immostar since 2017, Christian Goupil is the vice-president of operations. He has more than 30 years of real estate experience. The company benefits greatly from his strategic focus and extensive expertise in each of the industry segments.

20

Me ÉMILIE ESBER Vice-president of legal affairs

IMMOSTAR

JEAN-FRANÇOIS GOBEIL Senior manager of accounting and administration

IMMOSTAR

JEAN-FRANÇOIS POIRIER Vice-president of investments and valuation of assets

IMMOSTAR

CHRISTIAN GOUPIL Vice-president of operations

IMMOSTAR

COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

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INTERVIEW

TURNING A PROBLEM INTO AN OPPORTUNITY, THE VINCENT CHIARA WAY

BY RENÉ VÉZINA, JOURNALIST

Business requires boldness, but if things don't go as anticipated it's best to have a Plan B. That is the strategy pursued by Vincent Chiara, CEO of the MACH Group, which is why he is on a buying spree, at a time when the economy is expected to slow down. Bold, but still cautious. He knows how to hedge his bets.

"

To use hockey parlance, we watch the game for opportunities and if there are any, we go on the offensive!" He makes no secret of the fact that he is a buyer, but the key is knowing when, where and what to purchase. "Take the whole office sector.

Right now, it's in decline. But I don't think that situation will continue."

On that matter he is quite talkative, and his analysis goes far beyond his immediate interests. "People will gradually come back to the office, but when?

In 12 months? 24 months? Yes, remote work is also here to stay, but it's not true that you're naturally more efficient at home. Working from home lacks inspiration, stimulation, a sense of belonging. Yet office décor, layout and amenities need to be overhauled. We need to go the beyond cubicles and fluorescent lights model. I think we're moving toward a hybrid formula."

With no tenants, office property values risk decreasing. "It's an illustration of our Plan B. For example, we've just purchased the ONE60 Elgin property in Ottawa. There is renovation work to be done but we paid a low price, a fraction of its value a few years ago. That allows me to be comfortable, and it offers lots of options for the next phase."

A CHANGING REAL ESTATE MARKET On that subject, Vincent Chiara has much to say.

"The market has changed over the past three decades. Previously there were wealthy families at the heart of companies like Trikek and Ivanhoe, families like the Steinbergs. Today it is dominated by groups like financial institutions or pension funds. They tend to abandon asset classes such as offices and retail, so there are not many buyers left. All the more reason for us to be interested."

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COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

At the same time, there is a trend toward conversion of retail or office buildings to residential, as demand remains strong in the residential sector.

"With the pandemic, we've seen a flight to quality from B- and C-class buildings to a higher level.

But land values have not budged. If we can then repurpose the buildings because we can't keep them as is, then take action and do so."

Such transactions require solid financing. MACH is able to count on dependable partners. "We are blessed. Our track record helps us, our financial institutions know us and support us. It's about trust and performance," he said. They are not the only ones who do business with MACH. Wealthy families like the Saputos and others are coming on board, helping to keep the company on a roll.

Their support is welcome, for Vincent Chiara remains in acquisition mode. In autumn 2021 the firm spent $6 billion to purchase 42 properties from Cominar. MACH then expanded across Québec, and that offensive continues. The group recently announced the acquisition of Centre Victoriaville, a commercial property consisting of 4 buildings, a site that is home to major anchor stores such as Canadian Tire and a Métro supermarket.

VENTURING BEYOND QUÉBEC Now a dominant force in Québec, the MACH Group intends to expand its horizons and continue to grow. It is well on its way. "We recently bought two office buildings in Halifax, the largest city in the Maritimes and a major business hub. I mentioned the ONE60 Elgin in Ottawa, a city that is an interesting destination for us, similar to Québec City in many ways."

VINCENT CHIARA CEO MACH Group

GROUPE MACH

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INTERVIEW

and Markham, and new acquisitions are being planned," he added, noting that the MACH Group is in attack mode.

Is he worried about a slowdown or even a recession, as many analysts predict? "At any rate, it will be an odd recession. The unemployment rate is low, the stores, shops and restaurants are full, and when I go to a car dealership I'm told that I will have to wait two years for a vehicle."

However, he acknowledges that many contractors may have been caught off guard. "Some thought that 2 or 3 per cent interest rates were the new normal. That wasn't realistic, and their business plans suffered. The premium is at 6.75 percent, the highest in 20 years. But we're a long way from the 20% of the 1980s and if it goes back down, we'll have had a fairly mild recession."

ONE60 ELGIN BUILDING IN OTTAWA

The public service is also ubiquitous, although now occupying a smaller proportion of the office building sector. "The knowledge economy is creating companies that need space and we feel we can serve them.

Unemployment is low, wages are stable and it's a vibrant market close to Montréal."

And Toronto? "We already have a presence there, with 2 million square of property in sectors like Mississauga

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COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

He took a moment to return to the issue of remote work, pointing out its limitations and the consequences if it remains so widespread. "I'm afraid it's going to end up breaking the ecosystem of the cities if we don't go back to the office, that it's going to hurt the stores, the restaurant owners who have invested their capital to acquire a franchise, the cab drivers who are running out of customers... The energy is down. You can feel it."

He then launched a final salvo. "We are talking more and more about ESG factors to evaluate a company's performance. The E stands for environment, the G for governance. The letter S refers to society. We need to protect it too."

e

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ECONOMY

A YEAR FOR CAUTION, WITH BRIGHT SPOTS ON THE HORIZON René Vézina

A senior economist with Mouvement Desjardins, Hélène Bégin remains cautious in her forecasts, but she sees the clouds gradually dissipating in 2023, which could be beneficial to the entire commercial real estate sector.

Economic Affairs Journalist

"You have to realize the importance of interest rates. They have considerable impact and remain a key factor in understanding the evolution of the market," she said, adding that this means keeping a close eye on upcoming decisions made by the Bank of Canada. For the moment she believes that the outlook is rather positive over the long term, for the moment at least.

She notes that the Canadian economy remains strong, with growth estimated at 3% for the first quarter. At the same time, the labour market is robust, even overheated, with wages rising by an average of 5%. But job creation is expected to slow. The number of job openings is already declining.

Editor-in-chief of the magazines Le Québec économique, Montréal Economic Powerhouse and contributor to Commercial Real Estate magazine, René Vézina has practiced journalism for 40 years. He has worked both in the print media, such as Les Affaires newspaper, of which he was editor-in-chief in the early 2000s, and in the electronic media, notably at Radio-Canada, where he spent 15 years.

Over time, he has become a recognized expert for his coverage of economic news.

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In addition, inflation is down. For the Bank of Canada, this is an encouraging signal," said the economist, "especially since energy and transportation costs are lower, which has contributed significantly to the rise in the consumer price index." Does that mean that the BoC may have an incentive to ease rates soon?

"In our opinion, it will keep them at the same level for the next few months, but the first cuts could occur later in 2023 and then continue, which would bring the policy rate down to 2.5% at the end of the following year," said Hélène Bégin. For the record, it is currently at 4.5%.

HÉLÈNE BÉGIN Senior economist Mouvement Desjardins

availability rates, especially since tenants are still waiting to vacate space, which may add to the pressure."

But all is not rosy. The specialist still foresees a "slight recession" in 2023 and points out that financing will remain difficult for players in the real estate sector. Still, it's important to distinguish between the different categories, whose prospects are far from uniform.

That being said, Montréal and Québec City are doing quite well compared to other parts of the country, she noted. Recent data from Altus show that rates for Montréal and Québec City are 17.7% and 10.6% respectively, compared to 25% for Calgary, 14.7% for Toronto and 10.4% for Vancouver.

OFFICE SECTOR REMAINS PROBLEMATIC ''We are still feeling the impacts of teleworking," she said. "Remote work is helping to drive up

"The situation has deteriorated across Canada," she added. "Subleasing is up and leases are shorter, as if there is no commitment. That reduces

COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

current income for landlords, who are also seeing a decline in parking revenue, which used to account for 10 to 15% of their overall cash flow. The good news, however, is that there is lots of liquidity in the market, particularly for pension funds. Despite rising interest rates, that makes the challenge of funding easier.

OTHER SECTORS IN ADJUSTMENT MODE Nonetheless, it is the commercial real estate sector that has been the most affected by the pandemic. Shopping malls have suffered greatly.

The economist notes that many investors have had to adjust their strategies. "I think we've hit bottom and the situation will stabilize.

Stakeholders are in caution mode right now, especially with the threat of a recession. But the situation will eventually improve."

On the other hand, the industrial sector did well.

"We even witnessed an overheating. It should ease, and we're expecting a lull. Land is becoming scarcer and there is a lack of buildings. Here too, we are feeling the impact of interest rate hikes, but most likely that will not lead to a correction in this sector."

As for the multi-residential sector, it is changing.

"We have gone from a situation where there were few products for sale, which drove up prices and

suggested a quick capital gain for investors, to one where we must now focus on the long term, especially since this sector is more sensitive than others to interest rates. But in the meantime, rental income is available. However, the increased financing costs must be met. At the end of the day there are two camps: buyers with cash and those who need to borrow or renew their loans."

The fact remains that housing starts are down in all major urban areas of Québec, except in TroisRivières which is in the midst of a veritable boom given all the major battery material projects underway on the other side of the river in Bécancour, Québec's so-called Battery Valley.

WHAT LIES AHEAD "The byword for 2023 is patience," said Hélène Bégin, "because of the unavoidable factor of interest rates. It will be more difficult if you have to refinance a property, but conversely, there will be good opportunities if you have liquidity."

For the time being, however, we should forget about quick wins without short-term value gains.

"We don't expect many transactions in key sectors such as the office and commercial markets. Major players will stick to their guns."

It is thus a case of wait and see.

COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

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DID YOU KNOW?

SUBSTANTIAL INVESTMENTS IN MONTRÉAL PARKS

BY FOULQUES DELBAR, JOURNALIST

Established in 2019, the City of Montréal's local park rejuvenation and greening program will be renewed. The policy will be implemented across the city's 19 boroughs, which administer more than 1300 local green spaces.

G

ood news for outdoor enthusiasts in Montréal! The City announced in a press release that the program to improve the quality of its parks will continue.

The first phase allocated funds to 97 upgrading projects for green spaces. In order to extend the plan, the municipality recently adopted a financing by-law that will allow for new investments. More than $62 million will be allocated to renovating, upgrading and replacing installations and equipment in local parks.

IMPROVING MONTREALERS' QUALITY OF LIFE The City wants to offer citizens green spaces adapted to sports and outdoor activities, part of its efforts to promote safe, healthy living environments. "Our administration is committed to a city on a human scale [...] We must ensure that all Montrealers have access to quality green spaces close to home," said Caroline Bourgeois, vice-president of the city's Executive Committee. She is in charge of Parks, Sports, Leisure Activities and Living Spaces for Montréal East.

LAC À LA LOUTRE PARK 28

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WHATEVER BECAME OF THEM?

BRIGITTE DUPUIS

DRIVEN TO EXCEL WRITTEN BY NATHALIE SAVARIA

Since the end of the Upcoming Generation series in Commercial Real Estate magazine, the woman who is now senior project manager at Brivia Group has continued on her way, driven by her thirst to learn, to create relationships, to surpass herself and to succeed.

P

AN UPWARD PATH rior to embarking on her exceptional career, Brigitte Dupuis honed her skills as a competitive skier, which she says made her "the professional she is today".

This accomplished sportswoman then undertook a Bachelor's degree in communications at the Université de Montréal. Following her career as an athlete, she began her management career in 2004 as director of marketing and communications for Ski St. Bruno.

She shifted to real estate in 2007 after being hired

by SNC-Lavalin. She held a variety of positions for over a decade, including that of director of marketing strategies for Hydro-Québec's Buildings Program. At the same time, she obtained a double MBA from the Université du Québec à Montréal and the Université Paris-Dauphine. She pursued her career with positions at Veolia, Engie and Johnson Controls.

She is currently project manager for the Brivia Group, one of the country's leading real estate development companies, where she makes good use of her expertise in construction, business development, marketing and management.

HELPING THE INDUSTRY, HELPING OTHERS Her passion for real estate is reflected in the active role she plays in the industry, establishing and maintaining lasting connections with a wide range of industry stakeholders.

"I'm actively involved in my work with the firm, with the real estate market in general and also on

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COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

social media. Over the course of my career, I have been involved in associations such as IDU, CREW M, BOMA Québec, ASHRAE, Cercle 13 and the support group for women executives The A Effect.

I'm also a moderator for the Québec Apartment Investment Conference and the Montréal Real Estate Forum."

She is also chair of the committee organizing the CREW M golf tournament, which will take place at the Pine Grove Golf Club on September 18.

Eager to share her knowledge, she promotes a shift toward intelligent buildings and sustainable development, and puts her pen to work. For several years now she has been writing the "Technology and Innovation" column in Gestion immobilière magazine, in addition to being interviewed from time to time in other media.

THE BRIVIA GROUP Brigitte Dupuis appreciates the people and the organization she works for, including Brivia Group CEO and founder Kheng Ly, a man she first met through industry networking events.

She is equally appreciated by her peers. At the endof-year Brivia gala in 2022 she was awarded the Cheer Up trophy. "It fits well with the energy I try to bring to the team. One of my goals in life is to be happy and create a positive atmosphere in my work environment."

As a real estate development firm, the Brivia Group covers all phases of a project, from acquisition to property management. Ms. Dupuis' focus is on the development phase, monitoring the progress of each project. In addition to managing a mega-project

JBC MÉDIA BY DENIS BERNIER

BRIGITTE DUPUIS Senior project manager Brivia Group COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

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WHATEVER BECAME OF THEM?

in LaSalle, she is involved in several projects in Greater Montréal and Québec City, all of them at different stages of the project cycle. To better understand the activities involved and the inherent complexity of each case, it is important to know what work needs to be done in each development phase.

Her work week begins with a departmental meeting to discuss all active projects. "The team discusses in cordial fashion, sharing information and finding solutions or ways to optimize projects."

She then works with professionals to consolidate certain technical aspects. A project monitoring chart is developed to set goals and measure progress and workflow, so that all involved share a common vision.

At that stage, Ms. Dupuis contributes to the develop­ment of the project's feasibility analysis by ensuring that all stakeholders have the information required to fine-tune the studies and analyses, as well as the social, economic and environmental factors. "That stage is monitored by coordinating municipal requirements in collaboration with municipal officials."

"It's a collaborative effort, with various departments making sure they have the right information. At the same time, I develop the master schedule that outlines all the steps involved in each project."

Then it's time to take a closer look at the project's market positioning and standards, and to ensure that all elements meet the needs of the target community. "At that stage we nail down the parameters of the project, i.e. the desired density, the level of quality, the common spaces, the landscaping, the level of comfort and services offered to residents."

Finally, she must ensure that specifications are incorporated into the sales contract, and that the sales launch and other related tasks are well coordinated. In short, Brigitte Dupuis' job is complex in nature and consists of ensuring effective coordination in order to guarantee the success of each project.

"My secret recipe is my ability to create a healthy, dynamic environment where each person feels heard and is free to propose solutions. I'm proud to say that I contribute to the most ambitious projects in Canada with Brivia Group, which is renowned for its ability to create vertical communities."

JBC MÉDIA BY DENIS BERNIER

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COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

A BIG PROJECT FOR THE VISUAL ARTIST STÉPHANIE GOULET

AT FAIRMONT THE QUEEN ELIZABETH

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THE PAINTER IS CURRENTLY RESIDING AND WORKING IN FAIRMONT THE QUEEN ELIZABETH FOR TWO MONTHS. THE RSVP, A LARGE SPACE LOCATED ON THE LOBBY LEVEL OF THE HOTEL, SERVES AS HER CREATIVE AND EXHIBITION SPACE. WORKING UNDER THE THEME OF MONTRÉAL, STÉPHANIE WILL BE CREATING HER ARTWORK LIVE, UNDER THE GAZE OF PASSERS-BY ON RENÉ-LÉVESQUE BOULEVARD, AS WELL AS HOTEL GUESTS AND THE DOWNTOWN COMMUNITY. ONE OF HER WORKS, LE CENTRE-VILLE DE MONTRÉAL, IS ON DISPLAY AT THE HOTEL’S CHIC RESTAURANT, ROSÉLYS. SHE WILL BE IN ACTION ALMOST EVERY DAY FROM MAY 15 TO JULY 15, AND ALSO DURING CELEBRATIONS TAKING PLACE AT THE C2MTL CREATIVE BUSINESS EVENT, THE FORMULA 1 GRAND PRIX WEEKEND AND THE PCMA’S ANNUAL CONVENTION.

DATA + FACTS = SMART INVESTING

TWO KEY WITNESSES TO THE REAL ESTATE MARKET RETIRE WRITTEN BY EMMANUELLE GRIL

Sylvain Leclair and Yves Godin, both of them executive vice-presidents, retired at the end of March 2023. After more than 30 years with the Altus Group, they look back at their careers and at changing trends they have noticed in the real estate market over the years.

F

inancial crisis, recession, real estate boom, rising interest rates… Over three decades, Sylvain Leclair and Yves Godin have seen a lot of water flow under the bridge and experienced the ups and downs of the industry. As they prepare to pass the torch, they agreed to stop for a moment and take a look back at the highlights of their careers.

A PASSION FOR REAL ESTATE After starting his professional life in office auto­ mation for a national rail carrier, Sylvain Leclair developed a keen interest in real estate. "My parents worked in the industry, and as part of my Bachelor of Administration degree, I took a real estate financing course and found it fascinating. I decided to take the plunge and in 1988, I started as a technician with the firm LCB, which later became LCBA. I even took a pay cut compared to my previous job, because I absolutely wanted to work in this sector," he recalled. He then completed the training required to obtain the title of chartered appraiser and climbed the ladder at LCBA, where he became a partner in 1996. In 2000 he co-founded the Altus Group, which brings together several major Canadian commercial real estate firms.

After completing a Bachelor's degree in urban planning, Yves Godin decided to pursue a new path.

"There was no work at the time, so I got a Bachelor's degree in administration, majoring in valuation," he said. In 1985, he started out as an intern appraiser with the firm Roy, Sanche, Gold & Associates, then obtained his title and climbed the ladder to become a partner in 1994. He joined the Altus Group after it purchased the firm in 2006.

SYLVAIN LECLAIR

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COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

ALTUS GROUP

"Our different divisions complement each other perfectly, and we have added services in order to be in synch with our clients, supporting them as they expand and develop."

– Yves Godin

The two professionals moved up through the ranks of the organization to their current positions as executive vice-presidents. "We're both steady Eddies," noted Sylvain Leclair with a laugh. "Opportunities came up, but we chose to stay with the firm and help it grow." A sound decision, indeed. The firm is now at the top of the market and has become a global leader in software, data solutions and specialized services, integrating technology into the commercial real estate industry. "We have equipped ourselves to meet demand, to diversify and provide 360-degree service to our clients. Consequently, we are able to adapt to changing market conditions. If one sector is not doing well, another will grow in the meantime," he said.

As proof of that growth, the number of employees has doubled, reaching a total of 130 in Montréal and 50 in Québec City.

"Our different divisions complement each other perfectly, and we have added services in order to be in synch with our clients, supporting them as they expand and develop," noted Yves Godin. He mentioned that there are more and more big players in the field, as well as a strong trend towards the internationaliz­ation of real estate with institutional clients.

"Altus has certainly contributed to education in real estate. Many professionals have passed through our doors; we are a very good school! Moreover, when our people leave to work for one of our clients we continue to work together. The ties are not broken," said Sylvain Leclair. "In the past each office kept information to itself, so we were unable to do any benchmarking. Now that information circulates, we have a comprehensive view of the industry and are able to make better decisions."

UPS AND DOWNS Sylvain Leclair mentioned that when he started in the industry in 1988, Canada was in the midst of a recession. "We had a long slow period where pickings were slim. Activity picked up in the decade from 1990 to 2000, and then it dropped again after the 9/11 attacks. Then came the financial crisis of 2008-2009,

YVES GODIN

ALTUS GROUP

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DATA + FACTS = SMART INVESTING

ISTOCK BY YUMI MINI

"In today's market, there are two types of investors: those who buy at a discount to reposition the asset and add value, and those who want to acquire a stable, sustainable asset with less risk."

– Sylvain Leclair

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The early 2000s were also characterized by the arrival of big players in the industry making multiple acquisitions by means of real estate investment trusts (REIT) and foreign portfolio investments (FPI). Pension funds also joined in the dance, integrating property assets into their portfolios.

which hit hard," he recalled, pointing out that the industrial, office and even residential sectors sailed on very calm waters for many years before returning to growth mode about 10 years ago.

Sylvain Leclair specified that the big players also purchased better quality assets. "In today's market, there are two types of investors: those who buy at a discount to reposition the asset and add value, and those who want to acquire a stable, sustainable asset with less risk."

"The retail sector started to move in the 2000s. The malls transformed, becoming power centres, but then that diminished with the rise of e-commerce," explained Yves Godin. On the other hand, the industrial sector compensated for that shift with strong demand for warehousing, in particular. As a result, prices and rents have exploded in that sector. "It's risen phenomenally, something we've never seen before," said Mr. Godin.

CONSEQUENCES OF THE PANDEMIC While the office sector had previously been doing very well, Covid-19 sounded the death knell for that robust advance. Remote work and hybrid work are here to stay, which will necessarily lead to a redistribution of spaces occupied by companies and institutions. While the effects are not fully felt now, they will emerge as organizations renew their leases.

COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

"Forecasts indicate that availability will increase in downtown Montréal. We're going to see a new pattern of office occupancy, and it's probably going to even out over the long term. But I must admit that in my 35-year career, I've never seen such a shock in any segment of the real estate market," said Sylvain Leclair.

Yves Godin believes that a paradigm shift is under­ way in the downtown core, which must continue to exist despite the decline in office traffic. "To keep businesses alive, we'll have to think about other options. Building condominiums for example, or converting offices into housing so as to increase the number of residents in the area," he said. In other words, we need to be creative and explore new approaches.

The industrial sector has really had the wind in its sails over the past few years. However, Sylvain Leclair expects a shock once it is hit with the taxes generated by the new municipal assessment roll.

"In Montréal, we can expect an annual tax increase of 15% from 2023 to 2025. It will be the same thing in Laval and on the South Shore." Those increases will certainly hurt the industry, and may even slow its growth.

What also emerged with the pandemic, noted Yves Godin, is a big discrepancy between different segments. "While some are doing very well, others are doing very poorly. There are big differences from one to the other, with major variances in value."

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DATA + FACTS = SMART INVESTING

Rapidly rising interest rates are also a game changer. "It's a real paradox. There is a high demand for housing, but the pro forma structures are no longer working because of rising rates. Under these conditions, developers have had to give up building, because otherwise they would have to charge rents that were too high," said Sylvain Leclair. Integrating ESG factors is an additional complication, something that the industry must take into account in its forecasts. It is a trend that could also drive up costs.

"The changes have hit extremely fast and hard.

We've never seen such phenomena in years past,"

said Yves Godin who, like Sylvain Leclair, remains optimistic about the future.

While they obviously have real estate in their blood, the two executive vice-presidents plan to enjoy their retirement, especially since they're both young retirees. "I'm going to travel, spend time with my family. It will take a lot of pressure off my shoulders and I want to enjoy life's pleasures more," said Sylvain Leclair. Yves Godin also wants to travel, spend time with his loved ones, get back in shape, and carry out expansion and renovation projects. "I like to work manually, and now I will have time to do so," he said.

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PROPERTY LAW

WHEN MUNICIPAL BY-LAWS LEAD TO DE FACTO EXPROPRIATION Me Sylvie Bouvette

Sommet Prestige Canada Inc. (Sommet Prestige), the owner of a six-hectare plot of land in St. Bruno since 2006 (the Land), claimed that regulations adopted by the municipality resulted in de facto disguised expropriation. That was the issue before the court in a recent decision by Québec Superior Court1.

Guest Columnist

Adjacent to Mount St. Bruno Park, the land is zoned residential. Sommet Prestige intends to establish a residential sector of approximately 30 single-family residences, subdividing the land into as many lots. After six years of various studies, a subdivision plan to create 31 lots was submitted in December 2011. An agreement to carry out infrastructure work was signed with the municipality, according to which Sommet Prestige paid the City $450,430.

Numerous constraints were imposed on the project, including limiting the size of the build­ings, providing for conservation areas and prohibiting various structures. The town of St. Bruno endorsed the project, subject to obtaining a certificate of authorization under section 32 of the Quality of the Environment Act.

Sylvie Bouvette is a partner at Borden Ladner Gervais LLP/ S.E.N.C.R.L., S.R.L. She represents sellers, buyers, joint ventures, lenders and borrowers in real estate transactions and financings.

She was selected by her peers for inclusion in the 2016 edition of The Best Lawyers in Canada® in the real estate law category.

Despite the city council's approval of the project, citizens organized to preserve the natural state of the Land and filed a request for an injunction, which was deemed premature. A new municipal council and a new mayor, opposed to the

The new municipal administration adopted several measures to protect the woodland that was part of the site. In 2014 the city of Longueuil adopted an interim control by-law designating the land as an "ecosystem of confir­med interest", thus preventing any development. Following pressure from Sommet Prestige, that designation was toned down.

In December 2017 the municipality identified the site as a protected natural environment, with restrictions on tree removal that, in effect, prevent any development.

In 2018 Sommet Prestige initiated proceedings to have the by-laws declared null and void.

Failing that, it would sue the municipality to obtain compensation for de facto disguised expropriation in the amount of over $15 million.

In February 2020 the Ministry of the Environ­ ment refused to authorize the project. Sommet

1. Sommet Prestige Canada Inc. vs. Ville de Saint-Bruno-de-Montarville, 2023 QCCS 676

ISTOCK BY AH_FOTOBOX

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project, were elected in November 2013 while the certificate of authorization was still pending.

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Prestige filed a legal challenge against that refusal in March 2020. The Metropolitan Montréal Community then passed a by-law prohibiting all construction on the site, designating it as a land area of metropolitan interest.

That by-law was in turn the subject of a legal challenge filed by Sommet Prestige.

The suit filed by Sommet Prestige is based on Article 952 of the Québec Civil Code: "No owner may be compelled to cede or transfer his property, except by expropriation according to the law for a cause of public utility, and in return for a just and prior indemnity."

The court identified three principles, based on the authorities cited from that section of the Civil Code:

Nor did the court find any non-compliance with respect to the regulations adopted. Thus, just because regula­tions are adopted in a manner consistent with the statutory authority does not preclude the possibility of a disguised expropriation.

The judge indicated that the right to property may no longer be absolute, but it is still a fundamental right under the Charter of Human Rights and Freedoms. It is therefore false to claim that no compensation is possible because the action taken was permitted by law. The law must clearly state that no compensation is due the claimant, in order to exclude the right to compensation.

In conclusion, Sommet Prestige was the victim of a disguised expropriation, and will be entitled to receive compensation accordingly.

(a) The doctrine of disguised expropriation in Québec civil law cited in that Article is based on a regime of no-fault liability; (b) If the regulation removes all reasonable uses of the property, then there is disguised expropriation;

FPD-Publicite-Magazine-Immobilier-Commercial-11-2022-EN-V2.pdf

(c) An owner who is the victim of disguised expropria­ tion may challenge the validity or applicability of the regulation on the basis of administrative law principles or, alternatively, claim compensation under Article 952.

In this case, the tree removal standards and conditions imposed by the by-laws are so stringent as to preclude any reasonable development and use of the Land. The City argued that the Land would retain some value, for example for environmental organizations, for silviculture or maple syrup production, as a bicycle path, hiking path, park, green space or nature reserve or community garden, or as an area for urban agriculture.

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In examining the uses permitted by the current regula­ tions, the court found that they are insufficient for reasonable use of the Land. As for the potential uses mentioned above, while the Land remains a residential zone, they do not constitute reasonable use of a building.

In the eyes of the court, there is therefore disguised expropriation.

The fact that the City may have acted in good faith, and the restrictions it imposed may have been genuinely necessary, is irrelevant. The restrictions may still result in disguised expropriation.

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41

1

DID YOU KNOW?

MONTRÉAL JBC MÉDIA BY FOULQUES DELBAR

REAL ESTATE DEVELOPERS EYEING THE EAST END

BY FOULQUES DELBAR, JOURNALIST

The Eastern Montréal Chamber of Commerce hosted a strategic forum on April 28 on the area's potential for real estate development.

KEYS TO BETTER INVESTMENT Discussion panels examined pertinent ways and means of financing real estate projects in Eastern Montréal, notably the transformation of the former Grace Dart Hospital into a mixed-use, multi-residential project.

One of the panels honed in on innovative strategies for building with a view to the economic and social development of the east end. Emphasis is on sustainable and environmentally friendly projects that meet the needs of the area and that involve local communities.

CURRENT PROJECTS AND FUTURE PROSPECTS The session ended with the presentation of a study organized by the University of Montréal. Urban planning students will soon be analyzing strategic sites for densification and intensification in the east end, with the focus on public transit nodes.

Housing Minister France-Élaine Duranceau gave a speech that highlighted recent housing projects in the

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COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

FRANCE-ÉLAINE DURANCEAU Housing Minister Government of Québec

JBC MÉDIA BY FOULQUES DELBAR

T

he event took place at the Metropolitan Anjou Golf Club and was attended by developers, government policymakers and various experts. The day began with a series of presentations on development trends and opportunities in the east end of the city. The focus was on determining strategic sectors and the area's potential for growth.

area, such as the Résidence des Ateliers in Rosemont– La Petite Patrie, the renovation of the St. Michel North housing complex and the projects built by the Société de développement Angus, "a model of urban develop­ ment and innovation."

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WORD FROM THE IDU

TELEWORKING AN URBAN RISK Jean-Marc Fournier

CEO jmfournier@idu.quebec

T

he pandemic appears to be behind us, but some of its consequences will persist. One of them is the shift toward virtual work.

Technology is a tool for work, but it is not without its negative effects. We will leave it to others to discuss the merits and limitations of remote work (teleworking), as regards human resources.

Here we want to highlight its impact on the urban fabric, an important issue to raise at a time when public policy makers are facing demands from their employees for a "right to telework".

At the beginning of the pandemic, working from home emptied offices. Today hybrid work is the norm. As a result, building vacancy rates have increased. The effect is that lower property values of office space will result in lower property taxes being paid into municipal coffers. Given the loss of office traffic, nearby businesses also experienced a decline. Another consequence of virtual work was the deterioration of commercial services, which undermines the economic attractiveness of major centres.

To replace that lost clientele, a consensus quickly emerged to increase the number of residents in urban centres in order to sustain economic vitality. Unfortunately, the remote work option is pushing in the opposite direction, providing a major boost to urban sprawl.

Governments remind us daily to rethink our lifestyles in light of the climate crisis, urging us (with good reason) to densify, but now remote work is impeding that transition.

PUBLIC SECTOR NEGOTIATIONS The union's demand in negotiating federal public service working conditions makes the right to telework as important as salary demands. While we know that the government will want to control any wage increase, there is concern that it may be interested in allowing more flexibility

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COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

NEW DIRECTOR OF THE IDU

for virtual work. A quick glance at the federal treasury may show only office space that has been saved, but a closer look reveals a different picture. And the call for caution also applies to the Québec Treasury Board.

Federal and provincial employers have a significant footprint in Gatineau, Québec City and Montréal. Their decisions not to require the presence of their employees in the office will affect the economic vitality of the communities in which they are located for a long time to come. Moreover, given the labour shortage, the choices made will influence the expectations and demands of private sector workers, possibly creating a snowball effect that weakens major employment areas.

Editor's note - The publication of this issue of Commercial Real Estate Magazine coincides with the departure of Jean-Marc Fournier, who is retiring on June 6, and the appointment of the new director of the IDU, Isabelle Melançon. We would like to take this opportunity to wish Mr. Fournier a happy and active retirement, and to welcome Ms. Melançon to the commercial real estate and urban develop­ ment sector.

In order to offset the drop in revenues resulting from declining property values for downtown commercial buildings, policy makers will be tempted to seek increased contributions from the residential sector. Those who live away from urban centres and believe they are not affected by the current negotiations may be adversely affected by the remote work phenomenon. The effect will be even greater because commercial buildings carry a much higher tax burden than the residential sector.

In addition, there will be financial pressure to build new public infrastructure for transportation, water, schools, etc. for those who telework away from urban centres or in very low density areas. At the same time, the infrastructure that we have already paid for in urban centres will have fewer users, resulting in a net loss of return on our previous contributions.

Then once we individualize workplaces by granting the right to teleworking, an unfortunate consequence will be a surge in urban sprawl. By the time we start to question the coherence and consistency of government calls to reduce the carbon footprint, it will be too late.

Obviously, hybrid work is here to stay, and admittedly its consequences are less dramatic than if the right to generalized telework were conceded. But that does not mean that we can ignore the effects already observed.

We believe that governments should be concerned about our urban centres.

For example, they should promote densification by reducing fees and charges and supporting the renovation or transformation of sectors with potential for residential development. That would ensure economic vitality and maximize the use of already paid-for infrastructure. It would also help curtail urban sprawl.

Before joining the Institute for Urban Development, Isabelle Melançon was director of com­ munications and institutional relations at Société de dévelop­ pement des entreprises culturelles (SODEC) from 2008 to 2014, and chief of staff and member of the National Assembly from 2016 to 2022. She was also Minister of the Environment, Sustainable Development and Climate Change.

COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

45

REAL ESTATE OVERVIEW

ALISON K. CHAVE

A THIRST FOR LEARNING

BY NATHALIE SAVARIA, JOURNALIST

Her career path, which spans more than 30 years, is proof that talent and boldness, combined with opportunities, make for great careers. Meet the Senior Vice-president and Co-Head, Debt Capital Markets at JLL Canada.

I

nitially, there was nothing to suggest that Alison Chave, who left her native Britain to settle in Québec, would embark on a career in commercial real estate.

FROM LITERATURE TO REAL ESTATE In fact, it was literature and French and English linguistics that Alison Karen Chave, from Bath in southwestern England, studied at the University of Portsmouth.

Once she had her degree, she followed her instincts and desires rather than a specific strategy, and took an initial plunge into real estate by responding to a job offer in the Sunday Times for an entrylevel position in real estate valuation. She had no experience but was determined. She applied and convinced the owner of the firm to hire her, after which she moved to London and began her apprenticeship.

Her boss proved to be a true mentor to her. "I went everywhere with him. He would describe everything and I would take notes," she recalled with a smile.

Thanks to him, she completed a second Bachelor's degree in property management at the University of West London. At work she did everything from leasing to sales to property management, even becoming manager of a small shopping centre in the north of England.

FROM ONE CONTINENT TO ANOTHER It was with that background that the young Englishwoman arrived in Québec City, where she had previously spent time perfecting her French while taking her first degree.

Alison Chave met the owner of a valuation office in Quebéc City that had established a partnership

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COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

with another office in England. In addition to offering her a position, he helped her make the transition to a new career. While integrating into her new home, she completed a certificate in urban and real estate management at Laval University, which allowed her to obtain the title of certified appraiser.

QUÉBEC CITY TO MONTRÉAL In 1995 she moved to Montréal where she met Pierre Goudreau – the current president of the Québec Order of Certified Appraisers – who became not only a mentor but also her husband.

She spent her free time in Montréal getting the lay of the land of the island city and its North Shore and South Shore, covering the city from top to bottom, much like she did in London, where she systematically visited all the Tube stations! "You can't do real estate if you don't understand the neighbourhoods," she said.

FROM VALUATION TO FINANCING It was while drafting valuation reports for a vicepresident at Desjardins that a new opportunity came her way. Although she had no experience in financing, Jacques Aubry, another of her mentors, saw her potential and entrusted her with increasingly complex files. "He pushed me to learn all the financing structures available, even to the point of working on projects worth over $100 million."

Those skills came in handy during her first sojourn at the Caisse de dépôt et placement du Québec, before returning to Desjardins as director of institutional financing from 2003 to 2010. That was the year she returned to the Caisse as director of portfolio management, Real Estate Financing

ALISON K. CHAVE Vice-president and Co-Head Debt Capital Markets at JLL Canada JBC MÉDIA BY DENIS BERNIER

COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

47

REAL ESTATE OVERVIEW

Ever driven by her thirst for learning, she took courses in bank risk management, which, by chance, led her to Otéra Capital the following year. The then President and Chief Executive Officer Raymond McManus, another of her mentors, gave her the position of vice president and head of risk management, which she held from 2011 to 2014.

COMMERCIAL MORTGAGE BROKER Alison Chave then ventured into the realm of mortgage brokerage financing, obtaining her certification in 2015 and taking the risk, once again, of leaving her comfort zone.

The following year she joined CBRE as associate vice-president, finance and operations, Capital Markets Financing. It was a major change for someone who had always had an employer, especially in an institutional setting, and who now worked on commission. "The returns can be high, but the risk is very high," she noted. She met the challenge with flying colours, participating in major transactions and arranging multiple acquisitions and refinancing during her time at CBRE. ARRIVAL AT JLL In 2017 Brett Miller, then CEO of JLL Canada, hired this high-calibre, multi-talented professional to launch the Canadian capital markets division.

IN EXPANSION MODE The vice-president, Capital Markets Financing, is now focused with her team on building the platform and getting results. "Our growth in the volume of loans solicited has increased year after year very, very strongly, and we are in expansion mode, keen to have other members join either the team in Toronto or the Montréal team. And we'd also like to open an office in Vancouver."

Appointed in 2023, Alison Chave is the senior vicepresident and co-head, Debt Capital Markets. At the same time, in order to improve her skills and keep abreast of current trends, she obtained certification in green and sustainable financing in June 2022 from the Chartered Banker Institute.

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COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

"Elsewhere in the country, it's normal to do business with a mortgage broker. In Québec it's still very relational, in the sense that a homeowner will say, 'I've been doing business with my lender for a long time. I don't want to offend him with a broker. But things are starting to change. [...] Over the past five years people have become increasingly aware of the added value that a commercial mortgage broker brings to the transaction."

– Alison K. Chave

A NEW CHALLENGE One of the challenges that Ms. Chave and her team face is breaking into the commercial mortgage brokerage business in Québec.

"Elsewhere in the country," she said, "it's normal to do business with a mortgage broker. In Québec it's still very relational, in the sense that a homeowner will say, 'I've been doing business with my lender for a long time. I don't want to offend him with a broker. But things are starting to change. [...] Over the past five years people have become increasingly aware of the added value that a commercial mortgage broker brings to the transaction."

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EYES ON THE MARKET As for the current capital market, she sums it up this way. "It's very volatile right now and the market is taking a bit of a breather, especially with institutional investors. The rising cost of financing has put pressure on real estate values. This is a great opportunity for private buyers who were on the sidelines. Expectations are that the market will pick up in the third or fourth quarter of 2023, depending on inflation and a possible recession."

THE IMPACT OF A GESTURE Alison K. Chave confided that her governance experience when president of CREW Montréal allowed her to develop her leadership skills. It was Margarita Lafontaine, an influential woman in Montréal commercial real estate, who pushed her to become President of CREW. Aware of and grateful for the help she received throughout her career from people who believed in her potential, she makes a point of helping others whenever she can. "Never underestimate the impact that even the smallest gesture can have."

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COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

49

DID YOU KNOW?

MELLEM MANOIR-DES-TREMBLES

A TENANT-FOCUSED PROJECT

BY FOULQUES DELBAR, JOURNALIST

The Mellem is a unique project soon to be built in Gatineau in the Manoir des Trembles district. The real estate developer Maître Carré intends to reinvent the rental market.

I

n Danish "mellem" means "in the middle", a term that sums up the spirit of the projects developed

by Maître Carré. "The essence of Mellem is to create rich, inspiring living environments that put people first and foremost," said Étienne Payette Lebeau, director of marketing and rentals at Maître Carré.

The construction of a new complex of 189 rental units in the Manoir des Trembles neighbourhood close to downtown Ottawa is a reflection of that approach.

CREATING COMMUNITIES Mellem tenants in Gatineau will have access to a wide range of services and activities that are a cut above the usual amenities offered in this type of real estate project. "A community manager will serve as an activities director, encouraging interaction among residents by organizing various events such as a summer party, a presentation or a volunteer activity," he added.

Services that facilitate exchanges and encounters will be put in place. Mellem occupants will be able to access a lending service between neighbours, or benefit from group and outdoor sports classes.

"Our aim is to develop wellness while creating connections among tenants," said Mr. Payette Lebeau. The project will also be multigenerational, as it includes rental units where people of all ages can thrive and take part in all sorts of activities.

A PROMISING SECTOR The Mellem Manoir des Trembles complex will be built in a sector that has many assets. Given its proximity to the federal capital and the strong demand for office space in Gatineau, its prospects look very promising. "It will be close to public

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COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

MAÎTRE CARRÉ

ÉTIENNE PAYETTE LEBEAU Director of marketing and rentals Maître Carré

transit and bicycle paths. It is across the street from Gatineau Park and all its leafy trails along the Ottawa River."

Designed by the firm ACDF Architecture and built

by Pomerleau, the 7-storey building will include an inner courtyard and several common spaces.

Delivery is scheduled for autumn 2024.

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REAL ESTATE ANALYSES

THE MONTRÉAL OF TOMORROW IS EMERGING TODAY

Mitch Strohminger Guest Columnist

The greying of Greater Montréal is forecast to continue well into the next decade.

The importance of the 60+ age cohort in absolute terms will continue to overshadow younger age cohorts for years to come. Already in 2021, roughly 1 in 4, or 24%, of Montrealers were aged 60 and over. By 2030, their share is forecast to grow to 26%.

The 15- to 29-year-old cohort is also forecast to see faster growth in the coming years, expanding its share of the region’s total population by around half a percentage point by 2030. The increase in this younger age cohort is due to the coming of age of children whose parents are Generation Xers or Millennials.

Other age cohorts are forecast to grow at slower rates, leading to a decline in their importance relative to Montréal’s overall metropolitan popu­ lation, which is forecast to grow to 4.6 million people by 2030, up from roughly 4.4 million people today. In fact, Oxford Economics fore­casts that the population levels of the 30- to 44-year-old and 0- to 14-year-old cohorts are likely to remain constant through most of this decade. The 45- to 59- year-old cohort is forecast to increase slightly faster, as Millennials start to enter later middle-age.

These changes offer glimpses into potential real estate demand dynamics. The most impressive change is the rapid growth of the 60+ age cohort. In 2000, this was the smallest cohort, but by 2016 had grown to be the largest. By 2030, the size of the cohort will likely more than double to 1.2 million people compared to 2000 levels, or an increase of 150,000 persons relative to 2021 levels. This change should continue to support various seniors housing options for years to come, such as retirement communities and skilled nursing facilities.

NEARLY 1 IN 4 MONTREALERS IS OVER 60 YEARS OLD 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.

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COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

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Still, most seniors will likely continue to age in place, health permitting.

This means that much of the existing owned residential housing stock is unlikely going to become available to ease the region’s housing crunch.

Millennials and Generation Z will likely see their lodging demand met by vertical living - condos or apartments. However, some may search further afield for single family options in ex-urban and rural areas, a trend that has picked up pace as remote working options have opened more living possibilities for certain professionals.

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The growth in the 15- to 29-year-old cohort should provide an additional demand vector for the rental apartment sector, especially near local universities and CEGEPs. Student housing fundamentals are likely to be robust, as higher demand for apartments from younger Montrealers means it will be harder to find affordable lodging for foreign or out-of-town students studying at one of the region’s many higher learning institutions.

Other real estate sectors are likely to also be affected by these demo­graphic shifts.

In the future, office owners and occupiers will need to redesign their space to cater to the needs and support work habits of digital native generations, Millennials and Generation Z. Already, real estate professionals are exploring how Greater Montréal office space can take a page from hospitality real estate and offer services and amenities that make being at the office worth the commute. Related to this is ensuring that the area around offices remains a magnet for locals. This means ensuring that museums, theatres, restaurants, and cafés remain alluring and serve as magnets for Montrealers.

In this way, coming to the downtown core for work could be viewed as part of an outing, where the office worker may also aim to take in a show in the evening or go out with friends or colleagues to a restaurant.

avisonyoung.ca Avison Young Commercial Real Estate Services, LP Commercial Real Estate Agency

COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

53

REAL ESTATE ANALYSES

150,000 MORE MONTREALERS AGED 60+ IN 2030

Greater Montréal’s retail environment is evolving in line with its residential offerings. Numerous projects are being built or soon will be delivered that offer new or re-positioned retail space alongside new residential units. In this way, retail demand is supported in part by residents. Many of these new units are specifically built to cater to a Montréal age cohort. For example, in Espace Montmorency, Yimby apartments are designed for young urban professionals; Hoop for families; and Waltz for older adults. At Solar Uniquartier, another mixed-use development, residents can dine at Les Enfants Terribles or shop at Quartier Dix30 thanks to a connecting pedestrian walkway across Autoroute 10.

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COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

As Greater Montréal’s population continues to age, demand for health-related goods and services is likely to grow. Thus, a potential occupier of both office and retail space are tenants in the healthcare sector, a trend that is already underway in some of the region’s existing malls. Medical offices, health clinics, and wellness centres all are likely to see increased demand as Montrealers aim to improve their quality of life and extend their lifespan. Many of these health-related tenants will also be able to cater to demand from other age cohorts as well.

Like many cities in advanced economies, Greater Montréal is set to become an older metropolis, and the region’s multi-residential sector is transfor­ ming to meet this demand. Other sectors are also changing to serve the needs of newer generations, most noticeably retail and office. The Montréal of tomorrow is already starting to emerge today.

COMMON AREAS

Paul Lewis

PAUL LEWIS, 2022

LE RÉSERVOIR 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.

Many buildings in New York City have a feature that catches the eye – wooden water towers, iconic structures perched on rooftops. They are everywhere and help define the city's skyline.

Tom Fruin (b.1974), a sculptor who lives in Brooklyn, has turned them into colourful and attractive works of art. Water tanks are usually made of wood. Fruin makes his with pieces of glass and plexiglass, found here and there in his neighbourhood. This is a photo of Watertower 3: R.V. Ingersoll from his Icons series. This piece, which dates back to 2014, is installed in Brooklyn near the Brooklyn Queens Expressway, a site that perhaps doesn't quite do it justice, even though it feels very New York. It can be seen from a distance, walking along the East River. The work catches the eye, especially when the sun sets on it, as shown in this photo taken in the fall of 2022 from the Brooklyn Heights Boardwalk.

COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

55

INTERVIEW

NATHALIE MARTIN

NAMED DISTINGUISHED URBAN PLANNER

BY FOULQUES DELBAR, JOURNALIST

The assistant director of the City of Laval's urban planning service recently received the 2022 Distinguished Urban Planner award from the Ordre des urbanistes du Québec (OUQ). The distinction highlights the quality of Ms. Martin's achievements, as well as her contribution to the image and public profile of the profession.

CITY OF LAVAL

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COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

N

athalie Martin began her career in 1996 with the Commission de la capitale nationale du Québec, a government organization that promotes the heritage, beauty and appeal of the National Assembly and the surrounding area near the old quarter of Québec City. "We worked closely with the City of Québec as regards any renovation or development projects in the immediate area," she said. Construction works on René-Lévesque Boulevard, Grande Allée and in Esplanade Park were some of the dossiers she was involved in.

At the same time, the young urban planner joined another commission charged with making recom­ mend­ations for revising legislation governing cultural heritage assets. "I had the opportunity to start my career with great people who were my mentors.

Their influence made a lasting impression."

FROM QUÉBEC CITY TO LAVAL Nathalie Martin also made an impression in her private practice. As a consultant for various municipalities in Québec, she has worked on specific urban plans and programs, regulatory revisions and tools for protecting heritage and architecture. That varied experience led to her being appointed in 2014 as head of the heritage division in the City of Montréal's urban planning department.

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Her responsibilities included drafting cultural develop­ment agreements between the City and the Ministry of Culture and Communications, developing a fiveyear heritage action plan and supervising diverse committees devoted to promoting and protecting Montréal's cultural heritage. In 2017 she was hired by the city of Laval as deputy director of its urban planning service, coordinating the activities of three divisions involved in urban planning and design, land use planning and the attendant municipal regulations.

A FRESH APPROACH TO URBAN PLANNING Nathalie Martin is using her expertise to make Laval a municipality in the vanguard of urban planning. Her focus since her arrival has been to create synergies among the various departments by means of a crossfunctional approach. "We try to break down silos and work in a matrix mode, bringing together people with diverse skills that will enhance how we define and develop various projects." That cross-disciplinary procedure helps create a comprehensive view of the scope of the issues they face.

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INTERVIEW

The designation of Distinguished Planner is awarded on the basis of a number of criteria. While special attention is paid to professional accomplishments, aspects such as integrity, concern for the public interest and community involvement are also taken into consideration.

The adoption in 2017 of a new urban planning model led to an extensive overhaul of the municipality's urban planning regulations. Ms. Martin played an active role in revising the by-laws, presenting the new version in a document entitled Urban Planning Code, which is full of major innovations. The new regulations took effect in November 2022, and reflect a realignment that moves away from traditional approaches based on zoning and separation of uses to a focus on urban form and design.

"It was a seismic shift," said the deputy director. "We were fortunate to have elected officials and executive management who supported us throughout the project."

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COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

PROMOTE URBAN PLANNING AND THE LAVAL REGION The distinction that Nathalie Martin received from the Ordre des urbanistes du Québec is in honour of her exemplary career. The designation of Distinguished Planner is awarded on the basis of a number of criteria.

While special attention is paid to professional accomplish­ ments, aspects such as integrity, concern for the public interest and community involvement are also taken into consideration.

The nominations that stand out are often those that demonstrate the planner's ability to promote the profession beyond his or her own sphere of activity.

"Ms. Martin participates in presentations and symposia, actively promotes best practices and shares her skills and knowledge," noted David Alfaro Clark, government and public affairs advisor at OUQ. "The awarding of this title also served to highlight the municipality's recent achievements in urban planning.

The projects that distinguished urban planners have been involved in are taken into account, and it must be said that a lot of work has been done in Laval in recent years," he added. "Another consideration is patrimony and heritage, which is now an important concern in this region." That is an area Nathalie Martin knows quite well, having been a driving force in many heritage initiatives over the years.

CHOOSE CITY LIFE. 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.

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OPTIMIZE THE OPPORTUNITIES OF A TOURIST CLIENTELE

Marie-Lou Rancourt Guest Columnist

A sociologist by training, Marie-Lou Rancourt is a strategic planner at SGM, a Montréal marketing agency. The agency has developed expertise based on design thinking to assist organizations in the transformation of their commercial, multiuse or office spaces.

Designing a memorable customer experience is at the very heart of the SGM approach.

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Commerce and tourism have long been treated as separate entities. However, many commercial locations that are not holiday destinations themselves, such as airports or hotels, receive many tourists at different times of the year. Shopping centres, or more broadly retail shops, can certainly benefit from stronger links with the tourist trade.

POTENTIAL FOR ECONOMIC SPINOFFS While Québec is not a retail tourism destination per se, the province attracted 45 million visitors in 2021. Almost 95% of them were day trippers or short-term visitors, or tourists from other parts of Québec. The remaining 5% were tourists coming mainly from nearby regions like Ontario and the U.S., as well as tourists from abroad.

That 5% alone accounts for almost a third of the $9 billion that the tourism industry generates annually.

INTEGRATING TOURIST CLIENTELES Planning marketing strategies aimed at tourists is a good way to increase business traffic and sales, and overall, enrich the local economy. Start by assessing the potential of such customers in your community. Are there any in your area? And if so, who are they? Why are they visiting your town? What experiences, products or brands attract them? Understanding the tourist clientele means creating more welcoming spaces, adding amenities and making what you have to offer attractive. To stimulate reflection, SGM has identified new approaches that make a clean break from the traditional currency exchange counters or souvenir shops filled with fleur-delis knick-knacks.

SHUTTLE SERVICE Located in the heart of Minneapolis, the Mall of America sits squarely in the path of tourists.

With free shuttle service to more than 50 hotels, it has become the last-stop destination before heading to the airport.

HANDS-FREE SHOPPING This five-star service allows guests to hand over their purchases to a concierge who will deliver them to their hotel. No need to limit themselves; shoppers can continue to visit the city unencumbered.

COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

WELCOMING TOURISTS Bicester Village in England has tourists in its sights. An entire section of its website is focused on visitors, with personalized content and itineraries. What's more, the information centre manages and hosts a tourist hub on behalf of the regional tourist office. It is a win-win partnership that welcomes over half a million visitors annually.

CULTURAL MARKETING AIMED AT A CHINESE CLIENTELE For a long time, retailers outside Asia have been deprived of the benefits generated by Chinese customers, the main obstacle being methods of payment. While that market is currently in revenge travel mode, back in 2019 it accounted for more than a third of global luxury goods sales. Nowadays payment solutions like Alipay and WeChat Pay are expanding. More than 60 UK fashion retailers and major retail players like Galeries Lafayette and Yorkdale now offer these new services.

IMMERSIVE EXPERIENCES Like most consumers, tourists are more interes­t ed in experiences than in products.

And immersive attractions definitely provide additional reasons to visit a place. Last year the Van Gogh Distorsion exhibit, entirely conceived in Québec and presented by OASIS Immersion at the Palais des congrès in Montréal, was extended four times due to its great popularity.

Artistic pop-ups and local ephemeral markets are also two strong trends this year. Find the approach that's best for you, and have a great tourist season!

Sources : Chaire de tourisme Transat, 2022; Ministry of Tourism, 2021; Bain & Co, Luxury Report, 2020; Forbes, 2022. ;;

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DREC.CA COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

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WOMEN WITH EXPERTISE AND INFLUENCE

INSURANCE, YES, BUT THE KEY IS PREVENTION!

Josée Vidal, C.I.B.

Is real estate insurance mandatory? Do lenders require it? Or is it simply to guarantee the protection of your assets? Whatever the reason, it is essential to insure your real estate assets to cover damage to the building, as well as civil liability towards third parties.

Insurance pricing is based on the level of risk and the loss ratio of the insurers. Their actuaries evaluate the rates to be applied every six months. These re-evaluated rates are subject to other underwriting criteria that ultimately determine the premium rate (occupancy, type and year of construction, fire and theft protection, geographic location, etc.).

Murielle Sand, B.A., CRM, FPAA, RF Guest Columnists

Josée Vidal Associate Account Manager

How do you get the best market rate available based on the level of risk? Through proactive, constant management! The key is prevention and the implementation of good practices. A building that seems to be in disrepair is often subject to a predictable loss, so it becomes difficult to demonstrate rigorous management and obtain advantageous insurance terms and conditions.

The risk of litigation is also assessed, i.e. is the manager or owner acting responsibly towards the public, the tenants and suppliers? Article 2503 of the Québec Civil Code provides a framework for the insurers' duty to defend, depending on the terms of the policy. Keep in mind that for the time being, defence costs are in addition to the limits of insurance. Insurers are therefore interested in underwriting risks for which management and control practices have proven to be adequate.

Typically, insurers base their pricing on the following factors: • Renovations undertaken over the years • Annual inspection of the sprinkler system and compliance with recommendations • Periodic maintenance of fixed equipment, roof, electrical system, etc.

• List of tenants and their (commercial) activities • Building occupancy rate • Previous claims and their frequency • Type of lease and specific contract provisions • Transfer of risk to tenant /service provider (e.g. snow removal service) • Disaster recovery plan • On-site or contracted maintenance crew.

It is the owner's responsibility to not only properly manage risk management practices,

Murielle Sand Vice-President HUB International

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COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

but also the property manager's various respon­ sibilities as regards the professional service providers.

In addition to property and general liability insurance, several insurance products are also available to address various risks: professional liability (for the range of services rendered to clients), crime, theft and embezzlement insurance (for rents collected on behalf of clients), cyber insurance (to protect computer equipment and to guard against possible lawsuits for breach of confidentiality of third-party data), directors' and officers' liability insurance, etc. Each insurance policy has its own particular features, and must be examined with due diligence.

With proven good risk management practices, it is easier to negotiate insurance coverage and warranties that are more extensive and that come with a more attractive premium.

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OFFICE SPACES FOR RENT COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

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DID YOU KNOW?

Breaking ground for the launch of Phase 2 of the Auguste & Louis project.

From left to right : Pierre Pelletier, Head of Real Estate Development and Financing, Fiera Real Estate; James Goulet, partner, Groupe Devimco ; Martin Raymond, Senior vice-president, Real Estate Investments, Fonds immobilier de solidarité FTQ.

AUGUSTE & LOUIS

QUARTIER DES LUMIÈRES – A NEW FLAGSHIP PROJECT

BY FOULQUES DELBAR, JOURNALIST

Initiated by the Devimco group in partnership with the Fonds immobilier de solidarité FTQ and Fiera Real Estate, the Auguste & Louis project is now in Phase 2 of construction. Located in the heart of the historic Faubourg à m'lasse district, this condominium complex will enhance the residential offer in the Ville-Marie borough.

The first phase began in 2021 with a complex of 265 studios and condos. The second phase involves an investment of $111 million and will see the construction of 253 additional units, spread over 21 floors, with the additional benefit of a planted interior courtyard. The first units should be delivered in 2025.

he project was named after the Lumière brothers and will be built in the neighbourhood of the same name.

The inventors of the cinematograph came to Montréal in 1896 and organized the first public projection of moving images in Canada. That reference can be found in the architectural concept of the building, which is characterized by contrasts and lighting effects, a dynamic play of light.

AN UP-AND-COMING NEIGHBOURHOOD The project is part of an ambitious program to transform the site of the former Maison de Radio-Canada, which will become the future Quartier des lumières. Developed by the Mach Group, this vast real estate complex will cover approximately 4 million square feet. One-quarter of the area will be dedicated to office space, while 230,000 square feet will be allocated to big box stores and retail space.

NEW RESIDENTIAL OFFER Auguste & Louis is in keeping with many other largescale projects built by Devimco in Greater Montréal, i.e. mixed-use residential complexes connected to their immediate surroundings, around which vibrant, living environments are built.

The new neighbourhood will include nearly 3000 residential units, some of which will be social and affordable housing.

With its many green spaces and active modes of transport, one of its key attractions will be its access to public transit.

The Devimco Group's overall investment in this site amounts to $1.15 billion.

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COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

INDUSTRY INFO

LE DANAUS: 110 CONDO PROJECT IN CANDIAC

NOTICE OF APPOINTMENT

The Bertone Development Corporation has announced the official launch of a high end real estate project. A transitoriented development (TOD) project in Candiac, Le Danaus is a residential district centred on transportation infrastructure that combines active transportation, a vibrant social mix and sound urban design.

THE BERTONE DEVELOPMENT CORPORATION

Alfid Property Management Services is expanding its board of directors. Initially composed of four vice-presidents, the board can now count on the addition of five subsidiary and department directors. Their diverse knowledge and skills will be a big help in implementing the firm's 2025 strategic plan. The company is focused on growth and diversifying its client portfolio as it pursues its aim to become an employer of choice, a firm that attracts high-quality employees.

From left to right: Back row: Gilles Binette, Maryse Vachon, Frédéric Bossart and José Melo Front row: Joël Chareyron, Pascal Beauregard, Alexandra Hart, Hervé de Feydeau and Julia Bergel

DEVELOPMENT OF AN INDUSTRIAL PARK IN LAVAL

MACH BUYS SHOPPING CENTRE IN VICTORIAVILLE

The Fonds immobilier de solidarité FTQ is working in partnership with MONTONI to develop a landsite in Laval by erecting industrial use buildings. Situated on the western edge of Highway 15 between boulevards Chomedey and Dagenais West, the 3.9 million square-foot site was previously occupied by a drive-in theatre. Current zoning laws allow for light industrial, warehousing, distribution centre and wholesale buildings, as well as residential development on a portion of the site. Construction of a first building could get underway in 2023.

MACH announced the acquisition of Centre Victoriaville, a 380,000 sq. ft. commercial property consisting of 4 buildings on a 1.3 million square-foot site. Located in the centre of town, Centre Victoriaville offers a diverse range of well-known retail chains such as Canadian Tire, a Metro supermarket, Dollarama and an Équipeur clothing store.

MACH

GI QUO VADIS recently received Zero Carbon Building Standards certification from the Canada Green Building Council for its Lachine Canal Complex heritage building. The certification recognizes its commitment to repositioning sustaina­ ble, responsible real estate projects.

GI QUO VADIS

CARBON ZERO CERTIFICATION FOR A QUO VADIS BUILDING

COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

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INDUSTRY INFO 100_Ass Maitre couvreurs _avis-ang.pdf

1

2023-05-23

16:19

NOTICE OF APPOINTMENT

ALFID PROPERTY MANAGEMENT SERVICES LANDS A NEW MANAGEMENT CONTRACT!

ISABELLE MORISSETTE ELECTED PRESIDENT OF AMCQ BOARD OF DIRECTORS

As part of its ongoing commitment to provide top-notch property management services, the Alfid Group is pleased to announce the signing of a new management contract for two buildings located at 1705 and 1999 William Street. With 257 doors, this contract increases the group's portfolio to 4,000 doors and covers a wide range of services: management of operations, maintenance and tenant relations.

The Québec Master Roofers Association (AMCQ) is pleased to announce the appointment of Isabelle Morissette, co-president of Groupe Pentagone, as chair of the association's board of directors. She succeeds Carl Fleury of Toitures Gilles Veilleux, who is now past president.

She will be supported by a team of experienced and committed board members throughout her mandate: Sylvain Audet (Norman & Collie), Giancarlo Bellini (Toitures Trois Étoiles), Simon Bolduc (Toitures Duratek), Maryse Couture (Toiture Couture), Richard Laliberté (Multi-Toits) and Stéphane Poissant (Ernest Hotte).

ALFID GROUP

The members of the AMCQ board of directors will focus on a number of issues, including the ongoing labour shortage and safety and training issues, to name a few. Efforts will also continue to improve the rollout of the Garantie Maître Plus program.

DALLAIRE GROUP ADDS A 176-UNIT COMPLEX TO FAUBOURG DU MOULIN The Dallaire Group continues to develop the Faubourg du Moulin district in Beauport, and is currently building a new 10-storey rental complex. The addition of the 176-unit building will enrich a dynamic neighbourhood that is home to many nearby shops and services.

DALLAIRE GROUP

THREE SOLID WOOD STRUCTURES RECEIVE AWARDS OF EXCELLENCE IN ARCHITECTUREE The Québec Order of Architects (OAQ) recently announced the winners of the 2023 Awards of Excellence in Architecture.

Eleven projects were honoured, along with two individuals and two firms with an exemplary commitment to inclusive, quality architecture in Québec. The winners included three exceptional buildings with solid wood structures: Esplanade Tranquille in Montréal's entertainment district (Les architectes FABG), the University of Sherbrooke's Institut Quantique (Saucier + Perrotte architectes), and Durocher College in St. Lambert – Pavillon l’Alinéa + le Cœur (Atelier Pierre Thibault).

DO YOU HAVE AN INTERESTING NEWS ITEM? Send it to nouvelles@jbcmedia.ca.

If selected, it will be published in our next issue.

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COMMERCIAL REAL ESTATE MAGAZINE : : JUNE – JULY 2023

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