Article
Ability Biotherapeutics Leases 12k SF Lab Space in Downtown Montreal
May 12, 2025 6 Minute Read
After years of rapid growth, Montreal’s life sciences sector had a challenging 2024 but a new lab transaction has sparked renewed optimism.
CBRE Montreal’s Ralf Carcani helped secure a lease for Ability Biotherapeutics, a Montreal-based company specializing in targeted treatments for patients with cancer and autoimmune diseases, for a full 12,336 sq. ft. floor at the new Inspire Bio Innovations life sciences facility. Ability is the first group to commit to a space in the second phase of the JADCO project, which delivers in 2026.
“This deal confirms that lab tenants want to be in a location that inspires success,” says Jeremy Kenemy, co-founder of CBRE’s Canadian Life Sciences Practice Group.
Inspire Bio Innovations will be located next to some of Montreal’s major universities, hospitals and the Montreal Clinical Research Institute. Carcani says the deal demonstrates the will of life sciences companies to be located near top talent, amenities and public transit.
“Having a state-of-the-art lab space in a strong life sciences ecosystem helps companies attract future financial partners,” adds Kenemy. “It gives them added credibility and makes it easier to scale up.”
Lab Results
The Montreal life sciences market saw decreased leasing and construction activity in 2024, according to the upcoming CBRE Montreal Lab Market Report.
“Life sciences companies require significant investment to get off the ground,” says Carcani. “Economic uncertainty, higher interest rates and a reduction in provincial funding have made access to capital difficult, leading to fewer life sciences transactions overall.”
The recent tariffs have exacerbated the situation by creating fear of rising costs and supply chain disruptions. “Some clients have paused expansion or relocation plans,” says Carcani. “But we’ve been busy touring labs and providing information so they’ll be ready to make decisions when the time comes.”
U.S. Firms Look North
Montreal’s lab market remains the most affordable life sciences hub in North America, with net rents averaging $41.68 per sq. ft. per annum, up by about two dollars since last year. This is drawing interest from U.S. companies.
“The current U.S. administration has been cutting funding to the National Institutes of Health,” says Kenemy. “This could incentivize American companies to relocate to Montreal, where they would benefit from our educated workforce, lower cost of living and quality lab spaces. American investment goes further here.”
Montreal’s lab availability rate stands at 5.9%, but new lab space offerings will soon become available, especially for companies in their early stages.
Local developer HarveyCorp is building generic, turnkey graduation spaces as small as 1,000 sq. ft. as well as large, customized lab facilities in Laval’s Biotech City. And JADCO recently revealed that Inspire Bio Innovations will feature a three-floor incubator space in its second phase. “Developers weren’t doing that in the past,” says Kenemy. “They have listened and are now building spaces that cater to life sciences companies throughout their lifecycle.”
Elsewhere in Canada
In the Greater Toronto Area, CBRE’s Daniel Lacey has seen CBRE involved in two large life science manufacturing deals: a 55,000 sq. ft. space in Oakville, ON with biotech company Vital Bio and a 100,000 sq. ft. space in Mississauga for medical technology firm Synaptive Medical.
But these are exceptions, Lacey says, with slower financing and deal activity in recent months, especially in the research and development sector. He has also seen more spaces return to the market as companies close their operations or fail to complete transactions. “The tough part is getting the spaces re-leased,” Lacey says. “Many clients are taking a 'wait until things quiet down' approach given the political and economic situation.”
It’s the same in Vancouver, where CBRE’s Kevin Nelson and Andre Alie Day have noticed rising lab inventory.
“Demand has been slow and some companies have pulled back on space commitments,” says Alie Day. “But there is still activity in the smaller size ranges with startups looking for lab space.
“Health-related fields are always in demand so the market will get back on its feet sooner or later.”
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