A new decade is upon us and I am so excited. The tide is changing. As we close a chapter in time, it is a great opportunity to consider what the role of real estate is and what we should aim for in the future.
As a development community we have faced rising construction costs, increased difficulties and complexities of zoning, rising land prices, and “quick return” investors. Add in real estate conferences that start almost every year forecasting an imminent recession and now we have even more pressure to deliver on time and on budget.
I was asked: “Where can we go in the next decade?” As one of the oldest industries on the planet, it is time for real estate to reinvent ourselves. In Montreal, with our amazing developers, I know we are up to the opportunity!
After all, Montreal built the first industries in Canada, started the railroad and built bridges. Did we not reinvent the circus? Are we not a world leader in AI and cybersecurity? Well I say it’s time to show the world what Montreal developers have up their sleeves.
How about re-inventing real estate to both make money and change the dynamics of communities?
More and more tech companies are coming up with smart technologies for building systems that reduce operating costs, increase connectivity and push the boundaries of the sharing economy. As construction costs rise, more companies are finding innovative ways to build better, faster and cheaper with a lower carbon footprint. People want to work, live and play in places that connect families in places that matter.
What is missing?
We need to go back to the drawing board to be as creative with financing as we are with urban art. We have the power and the mental capacity to do it. The tide is changing as citizen groups gain power and show that development is not just about the returns of investors, but the returns of all of us that make up a city.
Let’s work together and show what Montreal creativity is all about!
Written by Natalie Voland, for Espace Montreal.
Click here to see the issue Vol. 28 #4 of Espace Montreal, featuring Natalie Voland (page 38)