Business Information
Often defined by its tourist appeal, stemming largely from its status as a historic quarter with a high volume of sightseeing and international clients year round, Old Montreal is nowadays a vibrant and inhabited business district, as well as a unique cultural and heritage hub. From just 560 residents in 1976, the area has undergone phenomenal transformation and economic expansion over the past 40 years. Today, it is home to more than 2,400 businesses across various sectors, generating a daily workforce of over 40,000 people. These workers blend seamlessly with the local residential population, which is presently estimated at 13,000.
Business Landscape of Old Montreal and Economic Development Potential
Bordered by major corporate and economic players like the Palais des Congrès, Downtown Montreal, the Port of Montreal, and the Old Port, the neighbourhood has, especially over the past two decades, become highly attractive for the business community.
Old Montreal's current entrepreneurial demographic distribution – representing a complete picture of the members of the SDC Vieux-Montréal – is broadly assessed as follows: 70% business offices and 30% commercial establishments.
The main sectors that make up the commercial composition of the historic district include:
- Restaurants: gourmet dining, neighborhood eateries, independent cafés, a few chains and franchises
- Hotels: primarily award-winning boutique hotels
- Retail: specialized shops and concept stores
- Entertainment and Nightlife: nightclubs, bars, microbreweries and speakeasies
- Arts and Culture: museums, art centers and galleries
- Service Businesses: currency exchange offices, banks, dentists, psychologists, clinics, optometrists, hair and beauty salons
- Local Services: dry cleaners, convenience stores, pet stores, SAQ and grocery stores
- Health and Wellness: fitness centers, yoga studios and spas
In terms of office-based businesses, the following sectors are notably represented: architecture and construction, insurance, communication and marketing, legal services, finance and accounting, transportation, public services, as well as technology and multimedia.
Several elements suggest a dynamic economic growth trajectory for the district in both the short and medium terms. The continued increase in the residential population through various new real estate projects, as well as the upcoming arrival of at least two new hotels, in addition to the future construction of federal buildings, are all tangible indicators of Old Montreal’s economic health. Add to these factors large-scale cultural projects in the eastern sector, neighbouring the Place Gare Viger, which was inaugurated in 2023 and offers the potential to accommodate approximately 4,000 people in its new urban campus.
Construction Project in Old Montreal
Montreal Federal Judicial Complex
Scheduled for 2027, this modern judicial complex will house four federal courts and the Courts Administration Service within its 8-story tower. Located between Côte de la Place d’Armes and Boulevard Saint-Laurent, it will connect Notre-Dame Street and Saint-Jacques Street through its two entrances. Combining contemporary design with heritage preservation, the building will be a model of accessibility, sustainability, and energy efficiency, achieving LEED Gold and WELL Silver certifications. Featuring flexible, state-of-the-art spaces, this $165M project will enhance access to justice while promoting inclusion and environmental resilience. This new real estate development will undoubtedly attract a new type of workforce, significantly revitalizing this area of Old Montreal.
