PVM
CATHCART
PVM
CATHCART
Strategy
Research
/2023
Strategy for complete asset
turnaround
Place Ville Marie, one of Montréal’s most iconic office towers, was grappling with rising vacancy rates amid a surge of new AAA office supply. Despite its prime location in the heart of the city, the building was losing tenants to modern, lifestyle-driven campuses. The property lacked a clear identity, and the outdated ground-floor spaces needed a complete overhaul to compete with newer developments.The mission wasn’t just to fill space — it was about creating a dynamic, community-oriented hub that would transform PVM into a vibrant, lifestyle-driven campus, attracting both new tenants and consumers.
The ownership group turned to us with a clear mandate:
- Reposition the asset to reclaim its status as a premier downtown destination.
- Enhance tenant retention through a revitalized, high-traffic food hall that would draw people in.
- Improve leasing performance by creating a new sense of place and a strong brand identity for the building.
We focused on four key challenges:
- Create a high-traffic anchor that would transform the ground floor and increase visibility.
- Rebrand the property to highlight its unique location and access.
- Rejuvenate tenant experience to drive long-term retention.
- Increase foot traffic to meet leasing and occupancy targets.
200m
Total Development Cost
20m
annual visitors, significantly boosting tenant exposure
92%
leasing rate for office floors, with improved tenant retention
18-24
Months to achieve stabilization
We approached Cathcart Food Hall as a full asset turnaround, implementing strategy across operations, leasing, branding, and tenant engagement.
- Brand Repositioning
- Developed a new brand identity, reflecting the dynamic, lifestyle-driven nature of the food hall.
- Launched targeted media campaigns and community events that captured the attention of both local tenants and visitors.
- Leasing Engine & AI Creatives
- Built a high-velocity leasing system with real-time feedback loops for pricing, concessions, and marketing.
- Leveraged AI-driven creatives and targeted digital campaigns to attract high-quality leads.
- Operational Overhaul
- Introduced an 11.7% reduction in operating expenses, eliminating inefficiencies from the previous mismanagement.
- Streamlined processes to ensure smooth operations and a better overall tenant experience.
- Resident Experience Reset
- Rolled out hospitality-style services, such as concierge support and personalized events, to improve tenant satisfaction and retention.
- Increased engagement with a modern communication loop, ensuring tenants had direct access to building management.
In 18 months, Place Ville Marie was transformed into one of Montréal’s top addresses.
- $200M development, including food hall and amenity upgrades.
- Exceeded foot traffic expectations within the first year.
- Improved office tenant retention and leasing performance.
A benchmark for urban repositioning in downtown Montréal.
