Bertone, a Montreal-based real estate development and investment firm, has expanded its team with the addition of Peter Picciola as commercial property construction has dipped in the Quebec's largest market.
At Bertone, Picciola will serve as senior vice president of development, leasing and investment. Prior to joining Bertone, Picciola was the chief investment officer for BTB Real Estate Investment Trust. He has also held leadership roles with Canderel and Ivanhoé Cambridge.
Bertone is a development firm with projects in the retail, residential, office and industrial sectors.
Picciola has joined Bertone during a slowdown in commercial development in Montreal. On the office front, just over 940,000 square feet of space is under construction, the equivalent to 0.5% of the existing inventory, according to CoStar data.
The amount of office space underway is "the least amount of under construction activity recorded over the past 3 years," Mitch Strohminger, director CoStar Market Analytics in Montreal, said in a recent market report.
"The lack of construction starts should ensure that new supply remains limited in the coming years," according to the report. "This lower level of development activity should help support a recovery in the office leasing market, when it arrives."
At Bertone, Picciola said he plans to help the firm expand its presence in the market.
"I look forward to collaborating with everyone at Bertone to build on the company's strong foundation and explore new opportunities for growth and development," Picciola said in a statement announcing his appointment.
The firm led by Co-Founders Claudio and Michael Bertone is nearing completion of the Kalm, a new rental apartment complex located close to the Candiac train station. More than 180 of the project's 225 units are in the finishing phase, with occupancy expected in early 2025.