Over the last year, Montreal's industrial market has gone from uncertainty to cautious optimism. In this episode, Axel Monsaingeon sits down with Mike Jager, co-founder and co-president of Rosefellow, to break down how one of Quebec's most active developers is navigating higher vacancies, tighter financing, and shifting tenant expectations—while quietly scaling into large-scale multi-residential projects.   Mike explains why Class-A industrial still wins in soft markets, how Rosefellow stayed disciplined when everyone else was chasing deals, and what it really takes to raise and deploy multiple funds while keeping investors, banks, and tenants aligned. He also shares Rosefellow's growing push into multi-residential in Quebec, Ontario, and the U.S., their data-driven approach to site selection, and why they've built a lean team that partners with "the best of the best" instead of trying to do everything in-house. The conversation wraps with Mike's vision for giving back to the next generation, promoting women in construction, and staying grounded through market cycles.   Topics & Timestamps 📌 01:10 – How the last 7 months reshaped Montreal's industrial market 🏭 02:30 – Building on spec and designing for 80% of tenant demand 📉 03:45 – Early signs the cycle is turning: rates, tariffs & tenant confidence 🏗️ 07:15 – What modern tenants actually want (efficiency, clear heights, OpEx savings) 💸 08:00 – Tax incentives in Montreal & Laval—and how they reduce tenant costs ⭐ 09:50 – Why Class-A industrial still outperforms in softer markets 📊 10:35 – How Rosefellow structures its funds and targets 30% IRR conservatively 🏦 12:10 – Construction financing challenges and why banks still back their spec builds 🏙️ 15:25 – Returning to multi-res: land prices, construction costs & new opportunities 🌍 23:45 – Rosefellow's next chapter: expansion across Canada, the U.S., and beyond Mike Jager on LinkedIn: https://www.linkedin.com/in/mike-jager-6678355/ Rosefellow web: https://www.rosefellow.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

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