In this episode of the Espace Montreal Podcast, Axel Monsaingeon sits down with Lloyd Cooper, Executive Vice Chair at Cushman & Wakefield, to unpack the new era of downtown Montreal's office market. With 40 years in the business and over 4,000 transactions under his belt, Lloyd explains why 2025 is a record year for office leasing, why work-from-home and hybrid models are being pushed back, and how a powerful "flight to quality" is reshaping which buildings win or lose. They dig into how law firms and banks are using high-end buildouts and rich amenity packages to attract top talent, why there is a critical shortage of true Triple-A space, and where the best redevelopment and mixed-use opportunities are emerging downtown. Lloyd also shares his take on Montreal's new administration, the importance of density and zoning flexibility, and how regulatory shifts, homelessness, and political uncertainty all play into investment decisions. If you want a clear, on-the-ground read of what's really happening in Montreal's office core—and where the next big towers should rise—this conversation is packed with insight.

Topics & Timestamps

⏱️ 00:01:03 – Lloyd's background & track record

📊 00:01:53 – 2025 deal volume & market activity

🏠 00:03:09 – Post-Covid office comeback & RTO

🧬 00:04:11 – Culture, mentoring & why WFH is slipping

🏢 00:05:27 – Flight to quality in office buildings

🧺 00:06:04 – Amenities as a magnet for talent

🏛️ 00:07:05 – Upgrading "old" Triple-A towers

⚖️ 00:09:29 – Law firms, big TI spend & slick offices

💸 00:14:09 – Triple-A rents, incentives & tenant leverage

📑 00:15:51 – Renewal strategy while waiting for new product

🏙️ 00:18:28 – New city administration & development tone

📐 00:21:16 – Zoning, density & mixed-use requirements

📍 00:26:00 – Key downtown development sites to watch

🧨 00:29:49 – Politics, uncertainty & "wait and see"

🎙️ 00:30:40 – Final takeaways on frustration & opportunity

Lloyd's LinkedIn: https://www.linkedin.com/in/mtlofficespace/

Web: https://www.cushmanwakefield.com/

If this conversation brought you value, share the episode with a colleague or friend in real estate who would benefit from Mike's insights. It helps the show reach more people in the Montreal CRE community.

Visit https://www.e5pace.com for more resources, market guides, data, and advertising opportunities

Over the last year, Montreal's industrial market has gone from uncertainty to cautious Former pro hockey player turned top investment broker, Joe Rullier (Executive Vice President, Colliers), shares how he went from the NHL grind to building the #1 investment team in Canada and navigating one of the toughest markets Montreal has seen in years. In this episode, Joe breaks down how New York's high-pressure investment world shaped his work ethic, why land deals have slowed, how he underwrites like a banker to make deals actually financeable, and where he sees real opportunity right now in Montreal's multifamily and land markets. From CMHC delays to older stock repositioning, Joe explains the mindset, structure, and creativity investors need if they want to win in today's environment instead of buying into "dream" pricing that never materializes.

Topics & Timestamps

⏱ 00:01:03 – Welcome back to the Espace Montreal Podcast & intro to Joe Rullier

🏒 00:01:41 – From pro hockey career to New York commercial real estate

🏢 00:03:04 – Old-school New York training: 500 cold calls a week & outworking everyone

💼 00:06:54 – Moving back to Montreal, opening Cushman's investment team & starting from zero

📉 00:09:25 – Why land transactions are down: rates, costs, CMHC and the "perfect storm"

🏗 00:10:56 – Apartment crisis vs. construction reality: why building is getting harder

📊 00:12:24 – Underwriting like a banker: structuring deals that lenders will actually finance

🎯 00:15:12 – Telling the truth on value vs. "selling the dream" and disappointing vendors

🔁 00:17:06 – Shifting asset classes: from land to multi-res and reading where the market is going

🏚 00:19:00 – The big opportunity in older multi-res (30–100 units) with upside & poor management

🔍 00:20:21 – Repositioning, optimization and dealing with private owners and messy paperwork

🏙 00:21:46 – Where Joe sees the next 3–5 years in Montreal: rentals, government support & density

📈 00:24:00 – Example of a 50-unit building reposition and why patience and team matter

👋 00:25:07 – Final thoughts, staying patient in Quebec's sub-2% vacancy market & closing

LinkedIn: https://www.linkedin.com/in/joerullier/

Web: https://www.collierscanada.com/

If this conversation brought you value, share the episode with a colleague or friend in real estate who would benefit from Mike's insights. It helps the show reach more people in the Montreal CRE community.

Visit https://www.e5pace.com for more resources, market guides, data, and advertising opportunities

Over the last year, Montreal's industrial market has gone from uncertainty to cautious optimism. In this episode, Axel Monsaingeon sits down with Mike Jager, co-founder and co-president of Rosefellow, to break down how one of Quebec's most active developers is navigating higher vacancies, tighter financing, and shifting tenant expectations—while quietly scaling into large-scale multi-residential projects.

Mike explains why Class-A industrial still wins in soft markets, how Rosefellow stayed disciplined when everyone else was chasing deals, and what it really takes to raise and deploy multiple funds while keeping investors, banks, and tenants aligned. He also shares Rosefellow's growing push into multi-residential in Quebec, Ontario, and the U.S., their data-driven approach to site selection, and why they've built a lean team that partners with "the best of the best" instead of trying to do everything in-house. The conversation wraps with Mike's vision for giving back to the next generation, promoting women in construction, and staying grounded through market cycles.

Topics & Timestamps

📌 01:10 – How the last 7 months reshaped Montreal's industrial market

🏭 02:30 – Building on spec and designing for 80% of tenant demand

📉 03:45 – Early signs the cycle is turning: rates, tariffs & tenant confidence

🏗️ 07:15 – What modern tenants actually want (efficiency, clear heights, OpEx savings)

💸 08:00 – Tax incentives in Montreal & Laval—and how they reduce tenant costs

⭐ 09:50 – Why Class-A industrial still outperforms in softer markets

📊 10:35 – How Rosefellow structures its funds and targets 30% IRR conservatively

🏦 12:10 – Construction financing challenges and why banks still back their spec builds

🏙️ 15:25 – Returning to multi-res: land prices, construction costs & new opportunities

🌍 23:45 – Rosefellow's next chapter: expansion across Canada, the U.S., and beyond

Mike Jager on LinkedIn: https://www.linkedin.com/in/mike-jager-6678355/

Rosefellow web: https://www.rosefellow.com/

If this conversation brought you value, share the episode with a colleague or friend in real estate who would benefit from Mike's insights. It helps the show reach more people in the Montreal CRE community.

Visit https://www.e5pace.com for more resources, market guides, data, and advertising opportunities