Royalmount is not just "doing fine" it is accelerating. In this episode Axel Monsaingeon sits down with Michael Stroll, Partner at Carbonleo and SVP Leasing, to break down what actually drives a successful mixed use destination in Montreal. They explore how consumer habits are changed, why occupancy momentum matters more than first month headlines, and how the right tenant mix, events, and access strategy can reposition an asset quickly. You will hear the measurable results behind the Royalmount lease up, the expansion logic for phase two retail, why a hotel on site makes sense, and how Class A office demand is being reshaped by commute patterns and lifestyle convenience. If you work in development, leasing, investment, or brokerage, this conversation is a masterclass in building durable demand through placemaking and long term vision.

Topics & Timestamps

🔹 What Carbonleo is and why they build disruptive projects (00:01:49)

🏗️ Quartier DIX30 repositioning: occupancy, tenant mix, and value creation (00:04:03)

🚆 Why residential is the missing piece and how REM access changes everything (00:05:28)

🧠 Master plan thinking: DIX30 vs Royalmount and why cohesion matters (00:07:20)

📈 Royalmount performance story: sales growth, traffic, and lease up from 36% to 90% (00:09:16)

🎉 Events and social strategy: building habit and destination energy (00:12:02)

🛍️ Phase two retail expansion: what is missing and how growth gets planned (00:13:21)

🏨 Hotel opportunity: brand selection, operator strategy, and why the site wins (00:15:23)

🏢 Office demand shift: Class A, deal terms, and the commute advantage vs downtown (00:16:30)

💎 Luxury perception vs reality: why the project is more accessible than people think (00:21:12)

🏘️ Residential rezoning: density, downsizers, and solving a real market gap (00:23:16)

🔗 Connect with Michael Stroll
💼 LinkedIn: https://www.linkedin.com/in/michael-stroll-60701499/?originalSubdomain=ca
🏢 CARBONLEO: https://www.carbonleo.com/executive_team/michael-stroll/?lang=en

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📸 Instagram: https://www.instagram.com/axelmonsaingeon

🌐 Explore more resources
📊 Market guides, data, and advertising opportunities: https://www.e5pace.com/

How do you go from being a tax lawyer to building a $1.2 billion commercial real estate portfolio? In this episode of the Espace Montréal Podcast, Axel Monsaingeon sits down with Michel Léonard, President & CEO of BTB REIT, to unpack the real story behind one of Québec's most successful publicly traded real estate investment trusts. Michel shares the risks, doubts, and hard lessons behind launching a REIT before most people even knew what one was — including capital raising, surviving the 2008 financial crisis, navigating COVID, and maintaining discipline in volatile markets.

This conversation is a masterclass in long-term thinking, capital structure, portfolio management, and real-world REIT economics — essential listening for investors, developers, brokers, and anyone serious about commercial real estate.

Topics & Timestamps

👋 Introduction & guest overview (00:01:03)
⚖️ From lawyer to real estate (00:01:49)
🏗️ Launching one of Québec's first REITs (00:06:07)
💰 Raising capital & first acquisitions (00:09:58)
📉 Surviving the 2008 financial crisis (00:14:19)
📊 How REIT distributions really work (00:19:22)
🏢 Building a $1.2B diversified portfolio (00:21:54)
📐 Discipline, cap rates & strategy (00:23:36)
🔄 Selling assets & portfolio focus (00:27:50)
🔮 The future of office, retail & industrial (00:29:39)
👏 Final lessons & closing thoughts (00:32:08)

🔗 Connect with Michel Léonard
💼 LinkedIn:https://www.linkedin.com/in/michel-l%C3%A9onard-40926532/
🏢 BTB REIT: https://www.btbreit.com/

👤 Follow Axel Monsaingeon
💼 LinkedIn: https://www.linkedin.com/in/axel-monsaingeon-42577b28/
📸 Instagram: https://www.instagram.com/axelmonsaingeon

🌐 Explore more resources
📊 Market guides, data, and advertising opportunities: https://www.e5pace.com/

Quebec's commercial real estate market has changed fast, and the old "local only" playbook does not hold up anymore. Louis Bergeron, partner at HPDG, joins Axel Monsaingeon to unpack what appraisers are seeing before the headlines: how developers now chase opportunities across the province, why 2024 felt frozen, and what shifted in 2025 to bring buyers and sellers closer together. Louis also shares the real story behind PDG's roots coming out of Desjardins, how the firm grew through acquisitions and mergers, and why a merger has to be "1 + 1 = 3" or it is not worth doing. They dig into PDG's full-service model from valuation and property management to tax appeals, litigation support, and expropriation tied to major projects like the REM and the Blue Line extension. Louis closes with what PDG is building for 2026, including a refreshed brand and a bigger push to share market insights, plus why comparing cap rates is often harder than people think.

Topics & Timestamps

🗺️ The market is not local anymore: developers go wherever opportunity is (00:00:00)

🧬 HPDG's "DNA": staying close to clients from market study to asset management (00:01:13)

🏦 Origin story: Desjardins, the 90s crash, and how HPDG was formed (00:02:06)

📈 Growth strategy: the 2018 merger and expansion through acquisitions (00:04:02)

🏢 How property management started: from crisis cycles to condo management (00:06:25)

🧾 Beyond financing valuations: tax appeal work and investor support A to Z (00:08:18)

⚖️ Litigation support and expropriation: REM and Blue Line context (00:09:35)

🧠 Expropriation valuation is different and the law has changed (00:10:58)

🚀 Entrepreneurship is not linear: expanding services across Quebec (00:11:41)

🤝 Merger mantra: "1 + 1 has to equal 3", and why they ended a merger (00:12:55)

📊 What changed in 2025: market rebound and buyer-seller gap narrowing (00:16:40)

🏙️ Where deals are happening: multi, office, industrial shifting behavior (00:17:30)

🏗️ Office market reality: towers, notable deals, and transactions not announced yet (00:18:38)

🔄 2026 plans: rebrand + sharing more market insights and data (00:20:59)

🍎🍎 Cap rates "apples to apples" problem and confidentiality constraints (00:23:26)

🌐 Best way to contact HPDG: website and LinkedIn (00:24:17)

🔗 Connect with Louis Bergeron
💼 LinkedIn:https://www.linkedin.com/in/louis-bergeron/
🏢 Avison Young: https://www.hpdg.ca/

👤 Follow Axel Monsaingeon
💼 LinkedIn: https://www.linkedin.com/in/axel-monsaingeon-42577b28/
📸 Instagram: https://www.instagram.com/axelmonsaingeon

🌐 Explore more resources
📊 Market guides, data, and advertising opportunities: https://www.e5pace.com/

Montreal commercial real estate is entering 2026 with a very different set of tailwinds and constraints. In this episode, Axel Monsaingeon sits down with James Papadimitriou, Senior Partner at McCarthy Tétrault and a long-time governance leader, to unpack what is actually changing beneath the headlines. They cover why "alternative" real estate is increasingly an operating business (hotels, senior living, data centers, student housing), how AI and automation could reshape industrial and construction productivity, and what programs like Canada Builds Homes could mean for financing, land, and delivery speed. They also dig into the macro shifts that matter for Montreal: defense and infrastructure momentum, immigration resets and rental dynamics, the return of in-person work and what that does to Class A office, and why boring and stable is still Canada's biggest advantage for global capital. Expect a grounded, optimistic, long-term lens on where the puck is going and how to position for it.

Topics & Timestamps

🎙️ Intro and James' path to leading in real estate law and governance (01:03)
🤝 Relationship advantage: empathy, humility, and understanding counterparties (02:31)
🏨 Alternative assets surge: senior living, hotels, data centers, student housing (03:50)
🧠 "Stay calm and carry on": cycles, resilience, and the long game in CRE (05:25)
🤖 AI and robotics: legal guardrails, industrial automation, "dark factories" (07:39)
🏗️ Why construction still lags, and what prefab could finally unlock (10:18)
🏠 Housing urgency and delivery: what Canada Builds Homes is trying to solve (12:05)
🧩 Canada Builds Homes toolkit: land, loan guarantees, lending, partnerships (13:05)
🛡️ Defense and infrastructure: where Montreal-area real estate opportunities may emerge (15:58)
🌎 Immigration reset, rent plateaus, and the pendulum effect (18:55)
🏢 2026 theme: the return of office and the value of in-person community (20:36)
🚆 Transit and downtown recovery: REM, foot traffic, and the payoff of disruption (22:36)
💰 Foreign capital and "vibe vs fundamentals": why investors never really left (24:55)
⚡ Canada's edge: energy, resources, and renewed confidence (27:28)

🔗 Connect with James Papadimitriou
💼 LinkedIn:https://www.linkedin.com/in/jamespapadimitriou/
🏢 Avison Young: https://www.mccarthy.ca/en

👤 Follow Axel Monsaingeon
💼 LinkedIn: https://www.linkedin.com/in/axel-monsaingeon-42577b28/
📸 Instagram: https://www.instagram.com/axelmonsaingeon

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📊 Market guides, data, and advertising opportunities: https://www.e5pace.com/

The commercial real estate recovery everyone expected in 2025 did not arrive. Instead, investors are being forced to rethink risk, cash flow, and capital allocation heading into 2026.

In this episode of the Espace Montreal Podcast, Axel Monsaingeon speaks with Marie-Claire Laflamme-Sanders, Senior Vice President and Practice Lead within Avison Young's Québec Capital Markets Team, about why net lease real estate has become one of the most resilient investment strategies in today's uncertain market. Drawing on insights from the Toronto Real Estate Forum and active transactions across Canada, Marie-Claire explains how investors are pricing stability, why single-tenant assets are back in favor, and how net leases function as a hybrid between real estate and corporate bonds.

The conversation also covers the return of interest in office real estate, the rise of sale-leaseback transactions as companies unlock capital, and why Montreal continues to attract both private and institutional investors despite ongoing political and economic headwinds. This episode offers a grounded, real-world look at how sophisticated investors are protecting cash flow and positioning portfolios for the next phase of the cycle.

Topics & Timestamps

🎙️ Net lease real estate, and why it matters right now (intro) 01:03

📉 "Survive to 2025" becomes "Persist to 2026" after early-year shocks 01:55

🇨🇦 Market reaction: tariffs, immigration slowdown, and a new operating reality 03:11

⏸️➡️▶️ Pens were down, now deals are moving again 05:18

🏢 What a net lease is (single tenant, triple net, expenses passed through) 06:51

🛡️ Why net lease wins in volatility: stability, inflation protection, bond-like cash flow 07:28

📈 Why demand for net lease increased in the last 12–18 months 09:04

⚖️ The big risk and the real framework: tenant covenant vs real estate quality 11:06

📉➡️🏢 Sale-leasebacks explained: why companies sell and lease back their buildings 12:38

📆 How long sale-leaseback leases need to be (10–15 years, often 20+) 13:52

🏦 Who buys net lease assets: institutions vs family offices and privates 14:12

🍔 Net lease in small markets: QSR portfolios, recyclability, and why they sell well 15:22

🏢 Office resurgence: lease rollovers, return-to-work, and the "flight to quality" 17:17

🚫 "We could not use the word office" and how that narrative is changing 19:08

🏙️ Deloitte Tower and what a Class A trade could benchmark in Montreal 20:29

💰 Montreal's buyer depth: why big private capital steps up locally 21:45

🧠 Quebec perception gap: language, politics, tenant culture, and investor education 23:16

👋 Wrap and how to connect with Marie-Claire and the team 25:01

🔗 Connect with Marie-Claire Laflamme-Sanders
💼 LinkedIn: https://www.linkedin.com/in/marie-claire-laflamme-sanders
🏢 Avison Young: https://www.avisonyoung.com/

👤 Follow Axel Monsaingeon
💼 LinkedIn: https://www.linkedin.com/in/axel-monsaingeon-42577b28/
📸 Instagram: https://www.instagram.com/axelmonsaingeon

🌐 Explore more resources
📊 Market guides, data, and advertising opportunities: https://www.e5pace.com/

2025 was a turning point for Quebec commercial real estate, and the gap between winners and losers is getting wider. In this end-of-year conversation, Axel Monsaingeon sits down with Andrew Cross to unpack what actually shifted across office, retail, and industrial, and what smart owners, investors, and tenants should watch as 2026 begins. They talk about why strong malls keep winning despite the e-commerce narrative, why lower-tier office stock is being forced into conversion or repositioning, and how innovation like automation and robotics is reshaping industrial demand. The episode also previews what Espace Montreal is building next: a bigger platform for market intelligence, bilingual coverage that travels beyond Quebec, and upcoming editorial themes including energy assessments that could impact transactions and unlock major retrofit opportunities.

Topics & Timestamps

🎄 Christmas episode and why 2025 mattered (00:00)

📈 Espace momentum: 35 years, best year in publishing, and why podcasting changed the game (00:45)

🏢 Office market reset: strength returning at the top, bottom falling away, conversions and upgrades (02:25)

🛍️ Retail's reality check: foot traffic, "winners vs losers," and why people still shop in person (03:55)

🌟 Royalmount, mega luxury, and destination-making in Montreal retail (04:35)

🧩 South Shore and regional mall moves: changing hands, changing strategy (05:40)

📰 What's coming in the magazine: Q4 highlights and Q1 focus on downtown office (06:45)

⚡ Energy assessments in transactions: what's changing and the retrofit opportunity (08:05)

🧠 Building Espace as a full real estate media company: contributors, research, and new formats (10:00)

🌍 Why bilingual coverage matters: serving Montreal, Toronto, and New York audiences (12:15)

📍 Quebec City spotlight: Stephane Dion and the pulse of the market (13:45)

📬 Subscriptions and access: how to get a copy and get involved (15:10)

🖨️ Print vs digital: why the hard copy still wins in real estate offices (16:35)

🚀 2026 vision: becoming Quebec's #1 real estate media platform, plus closing shout-outs (18:55)

Andrew Cross' LinkedIn: https://www.linkedin.com/in/andrew-cross-b931b61/

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Quebec retail is outperforming expectations. Triple-A centres are running near-zero vacancy, rents are stabilizing, and consumers are spending more time in places that feel like destinations, not just shopping stops.

In this episode, Axel Monsaingeon sits down with retail real estate leader Manon Larose to break down what is actually working right now: why retail is no longer "online vs in-store," how the tenant mix is shifting toward food, fitness, beauty, and entertainment, and why mixed-use is becoming the default playbook for major sites like Carrefour Laval and Royalmount.

If you work in commercial real estate, leasing, development, or retail expansion, this is a practical look at what's driving demand and how to plan for 2026.

Topics & Timestamps

🧑‍💼 00:01:03 – Manon Larose's path across retail, leasing, and development

📈 00:02:50 – Why retail is rebounding in Quebec right now

🚆 00:03:45 – How the REM is reshaping foot traffic and retail demand

🏙️ 00:05:18 – Downtown streets vs mega retail destinations

🛍️ 00:07:33 – "High–low" retail and why mixed price points work

✨ 00:09:15 – Experience and personalization as the new retail differentiator

🧠 00:11:40 – Why physical retail and e-commerce now reinforce each other

🔮 00:14:54 – Key retail trends heading into 2026

🌆 00:24:42 – Mixed-use projects as the future of retail real estate

Manon's LinkedIn: https://www.linkedin.com/in/manon-larose-mba-2977a81a/

Web: https://larose.ca/

Follow Axel Monsaingeon:

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

Cadillac Fairview has been shaping downtown Montreal for decades, but the next chapter is about turning legacy retail land into full neighborhoods. In this episode, Axel Monsaingeon sits down with Jeroen Henrich, Senior Vice President of Development at Cadillac Fairview, to break down the shift from condos to rentals, why underutilized parking fields are now some of the most valuable real estate in Quebec, and how mega-sites like Carrefour Laval get redeveloped without hurting retail performance. They dig into master planning as "3D chess", transit and infrastructure constraints, ESG fundamentals that actually move the needle, and the underwriting discipline required when construction costs and capital markets turn volatile.

Topics & Timestamps

⏱️ 00:01:03 – Cadillac Fairview in Montreal

🏢 00:01:56 – Downtown revival & rentals

📈 00:04:59 – Residential growth strategy

📍 00:06:08 – Why Laval matters

♟️ 00:09:28 – Redevelopment complexity

🏫 00:12:32 – City priorities & tradeoffs

🌿 00:15:46 – ESG fundamentals

📐 00:16:55 – Densification logic

🌙 00:19:46 – 24-hour neighborhoods

🎯 00:21:57 – What great plans need

🌍 00:23:18 – Global inspiration

🧠 00:25:01 – Smarter parking tech

⏳ 00:26:00 – Long-term outcomes

💰 00:27:31 – Capital expectations

📉 00:28:20 – Market reality check

🧮 00:29:21 – Underwriting discipline

✅ 00:31:03 – Closing thoughts

Jeroen's LinkedIn: https://www.linkedin.com/in/jeroenhenrich/?originalSubdomain=ca

Web: https://www.cadillacfairview.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