National Bank has increased its presence in the city centre

In a strong gesture, bucking the current trend, the National Bank of Canada (NBC) has agreed to pay Broccelli around $150 million to buy ten floors of offices in a tower next to its new headquarters.

Because of teleworking, many large companies are trying their best to reduce their presence in the city center, while the National Bank, on the contrary, is preparing to welcome an even larger number of employees there.

Located at the corner of Robert-Bourassa Boulevard and Saint-Jacques Street West across from the old stock exchange tower, the National Bank's new headquarters is to cost $500 million. The now completed building has 40 floors, enough to accommodate around 7,000 employees.

High attendance at office?

However, while doubts remained about the ability to fill all the floors of the new headquarters, the bank expanded. According to a deed of sale signed in late November, National Bank became the owner of the entire ten-story podium of this new 58-story condo tower located in Victoria sur Le Parc (for $149.2 million).

In an interview with News magazineCristina Cistellini, the national bank's vice president of employee experience, declined to confirm the addition of some 330,000 square feet.² The commercial space – 700 rue Saint-Jacques Oust below – is sufficient to house 5,000 additional employees, resulting in an increase in its employee presence requirements in the city centre.

“We saw a great opportunity leaping along [de nous] On the other side of the park and connected by an underground corridor. Chances are, we chose it. But it is still too early to say how we will occupy these places. Their opening is still not planned until 2026.

Real Estate Portfolio Consolidation

Last fall, National Bank announced plans to “further consolidate” its real estate portfolio. A history of “bringing together more teams, hitherto distributed in different buildings, in a real living and collaborative environment”. M^me Cistellini could not tell us which offices the bank plans to close to create this new “collaborative environment” in the International District.

Christina Cistellini, Vice President, Employee Experience, National Bank.

Photo provided by National Bank of Canada

Last fall, a study by real estate company Avison Young found that corporate offices in downtown Montreal had a vacancy rate of 17.2%, compared with 10.9% before the pandemic.

In fact, SNC-Lavalin, Canadian National, Laurentian Bank, Cascades, Resolute Forest Products, Desjardins, Investment Québec and Hydro-Québec, to name just a few, have all significantly reduced the surface area of ​​their Montreal presence.

According to Toronto real estate firm CBRE, we have to go back to 1997 to find such a high office availability rate in Montreal. Chamber of Commerce of Metropolitan Montreal 87% of workers are happy to return to the office at least once a week.