Avison Young and Devencore Merge: A New Era for Commercial Real Estate in Montreal and Quebec

Avison Young, a global leader in commercial real estate services, has announced a definitive agreement to combine its Montreal operations with those of Devencore, a prominent Canadian commercial real estate firm. This landmark merger is set to culminate at the end of March, establishing one of the most formidable commercial real estate powerhouses in the Montreal and Quebec regions. Operating under the esteemed Avison Young brand, this strategic integration promises to redefine client service and market leadership through unparalleled expertise and an expanded service portfolio.

This transformative union brings together 70 highly skilled real estate advisor and broker professionals from Devencore with Avison Young’s existing team of 30 real estate professionals in Montreal. The resulting 100-person team represents a significant consolidation of talent, creating a diverse and experienced group poised to address the complex and evolving needs of clients across various sectors of the commercial property market. This synergy of local market insight and global reach is expected to yield substantial benefits for businesses and investors operating within or looking to enter the dynamic Quebec marketplace.

A Strategic Alignment for Market Dominance in Quebec

The decision to merge is rooted in a shared vision for leadership and growth within one of Canada’s most vibrant economic hubs. Montreal, and by extension the province of Quebec, holds immense strategic importance for commercial real estate, boasting a robust economy, a diverse industry base, and a significant concentration of Quebec-based head offices that influence national and international markets.

Mark Rose, Chair and CEO of Avison Young, articulated the strategic imperative behind this merger. “To lead the market in Montreal and Quebec has always been a strategic priority for Avison Young. Accessing the second largest region in Canada, including a large concentration of Quebec-based head offices, is key to serving our clients nationally and internationally,” Rose stated in a news release. He further expressed profound respect for the Devencore team, noting their dedication to the continuous learning and development of their brokers. “It was clear early on that we share a commitment to developing top talent and investing in our people,” Rose emphasized, highlighting the cultural compatibility that underpins this strategic alliance.

Deepening Roots in a Dynamic Market

Montreal’s commercial real estate landscape is characterized by its resilience, innovation, and an abiding entrepreneurial spirit. This robust environment continues to attract significant investment and foster organic growth across various sectors, including technology, life sciences, logistics, and creative industries. The city’s economic development agency, Montreal International, has consistently been recognized globally for its effectiveness in promoting economic prosperity and attracting foreign direct investment. This vibrant market context underscores the critical importance of having a deeply knowledgeable and comprehensively resourced commercial real estate partner. The combined Avison Young and Devencore entity is perfectly positioned to leverage this market dynamism, offering clients enhanced insights and strategic guidance.

Fostering a Culture of Excellence and Talent Development

A cornerstone of this merger is the alignment of corporate cultures, particularly a shared fundamental belief in the power of people and a tireless commitment to serving clients. Both firms have historically invested significantly in their professionals, nurturing talent, and fostering environments conducive to continuous learning and career advancement. This cultural synergy is expected to facilitate a seamless integration process, ensuring that the combined team operates with cohesion and an unwavering focus on client success. By prioritizing talent development, the merged entity aims to attract and retain the industry’s brightest minds, ensuring a consistent delivery of high-quality, forward-thinking real estate solutions.

Unparalleled Expertise and Expanded Service Offerings

The combined 100-person team brings to the market a vastly expanded and diverse range of expertise, covering the full spectrum of commercial real estate services. This comprehensive capability ensures that clients will have access to best-in-class solutions, tailored to their specific needs and objectives, whether they are occupiers, investors, or developers.

The breadth of services now includes, but is not limited to, highly specialized areas such as:

• Occupier and Corporate Services: Encompassing strategic tenant representation, meticulous lease administration, and sophisticated corporate real estate and workplace consulting. This helps organizations optimize their real estate portfolios, enhance employee experience, and align property strategies with overall business goals.
• Professional Services: Offering expert project management, comprehensive real estate and infrastructure consulting, and accurate valuation and advisory services. These services are crucial for informed decision-making, risk mitigation, and maximizing asset value throughout the property lifecycle.
• Investor Client Services: Significantly expanding Avison Young’s platform in areas critical for real estate investment. This includes sophisticated capital markets advisory for acquisitions, dispositions, and financing; proactive real estate management services to optimize operational efficiency and tenant satisfaction; and strategic agency leasing to ensure optimal occupancy and revenue generation for landlords.

This integrated service model provides a holistic approach to commercial real estate, allowing clients to navigate the complexities of the market with confidence. The deepened bench strength and specialized expertise across these critical functions are set to deliver exceptional value, ensuring clients achieve their strategic objectives, from operational efficiency to investment returns.

Leadership Voices on the Future of Commercial Real Estate

The leadership teams from both Avison Young and Devencore have voiced their enthusiasm for the merger, emphasizing the profound benefits it will bring to clients, employees, and the broader commercial real estate community.

Mark Fieder on Seamless Integration and Client Value

Mark Fieder, Principal and President of Avison Young in Canada, underscored the natural fit between the two organizations. “This will be a seamless transition because we share key cultural values built on a fundamental belief in the power of people, a tireless commitment to serving clients and proud Canadian roots reaching back nearly 50 years,” Fieder remarked. He highlighted that the complementary strengths of the combined teams will provide significant value to clients. This value will manifest not only in the form of expanded professional and corporate services but also through unparalleled access to cutting-edge technology, robust data analytics, and deep market insights. Such advanced tools and expertise will empower clients to make more informed decisions, helping them to achieve critical economic, social, and environmental goals in an increasingly complex global landscape. Avison Young’s commitment to ESG (Environmental, Social, and Governance) principles is a key differentiator, helping clients future-proof their real estate strategies.

Jean Laurin on Montreal’s Vibrant Market and Innovation

Jean Laurin, formerly CEO of Devencore and now appointed as President and Managing Director of Avison Young in Quebec, spoke passionately about the opportunities within the Montreal market. “Montreal is an incredibly hot market; it’s a region with an abiding entrepreneurial spirit, growth and development, and our economic development agency, Montreal International, has been consistently recognized as one of the best in the world,” Laurin observed. He articulated a clear vision for the merged entity, stating, “In forming one of the largest commercial real estate presences in Montreal, we will bring the next level of technology, data and insight to help clients achieve their business goals.” Laurin’s leadership will be instrumental in integrating the two firms and steering the expanded Quebec operations towards new horizons of innovation and client service excellence, ensuring that the firm remains at the forefront of market trends and technological advancements.

The Road Ahead: Consolidation and Continued Innovation

Following the anticipated close of the deal at the end of March, the integration process will continue with the planned consolidation of offices later this summer. This physical consolidation symbolizes the complete merger of operations and is expected to foster greater collaboration, efficiency, and a unified corporate culture. The new, consolidated office space will be designed to promote innovation and teamwork, further enhancing the firm’s ability to deliver integrated and forward-thinking solutions to its diverse client base.

This merger is not merely about combining two successful businesses; it is about creating a new benchmark for commercial real estate services in Montreal and Quebec. It signifies a profound commitment to leveraging collective strengths, embracing technological advancements, and deepening client relationships. By uniting Avison Young’s global platform with Devencore’s deep local roots and expertise, the combined entity is poised for sustained growth, driving innovation, and providing exceptional value for all stakeholders in the years to come.