Real Insights feature curated content from industry leaders during the program formation of the Real Estate Forums and Conferences. Each report features on the Top 10 Real Insights focused on major trends. For more details on the performance of Montreal’s market, click the following Insights.
Life Sciences and High Tech Industries Keep Montréal’s Economy Primed Of the 13 Canadian cities monitored by the Conference Board of Canada, Montréal was the top economic performer in 2018.With real GDP rising by 2.9%, it beat out Toronto by 60 basis points and was the first time Montréal topped the list since it began in 1987.
According to the Conference Board of Canada, the positive momentum in Montréal is being supported by strong non-residential investment, solid job creation, and healthy population growth.
Desjardins has forecasted that unemployment in GMA will continue to decline from an estimated 6.1% in 2018 to 5.5% in 2019.That decline is being credited to growth in the city’s high tech and visual effects industries. The Quebec Government projects that wages will increase by 3.2% in 2019.
In the GMA, the Information and Communications Technologies sector employs 92,000 people in 5,000 organizations. GDP growth in this sector between 2002 and 2012 was 25%.
With over 60 game creation studios, including Ubisoft, Gameloft, Warner Brothers Interactive, A2M, Eidos and Electronic Arts, Greater Montréal is one of the world’s video game hubs. In 2017, more than 10,000 people were employed in this industry. Invest Quebec reports that Montréal is the world’s fifth biggest market in video game production.
The city has 250 researchers in AI and deep learning, the largest academic concentration in the world. There are a total of 9,000 students in AI and data related programs.
Facebook, Samsung, DeepMind, RBC’s Borealis AI and Thales announced the opening of AI labsin Montréal in 2017. Three UK firms QuantumBlack, Winning Minds and BIOS have opened AI offices in Montréal in December 2018.
Good AI Capital, a fast emerging Silicon Valley venture fund based in San Francisco, has selected Montréal to open a new office that will focus on investing in early stage AI companies, further bolstering the city’s reputation as a centre of excellence in artificial intelligence.
Montréal has one of the highest concentrations of jobs in the Life Sciences and Health Technologies sector in North America. It is also the only place in Canada—and one of the few in the world—where a company can complete the entire drug creation process, from basic research to marketing.
The sector directly and indirectly employs 45,000 people in 600 firms ranging from start-up to research centres. It is a $5.6 B industry which received $305.5 M in VC funding representing 28.7% of the Canadian total. More than $10B have recently been invested in leading-edge infrastructures, including research centres and new hospitals, such as McGill’s MUHC, Université de Montréal’s CHUM, and the CHU SainteJustine pediatric hospital.
Montréal’s port continues to support the regional economy. Container imports increased 7.8% to nearly 4.33 tonnes in the first seven months of 2018 compared with the same period in 2017, with the bulk of that traffic coming from Europe. The Port of Montréal handles two-thirds of Canada’s International trade.
Montréal Mayor Valérie Plante announced in last June that the City of Montréal is investing $106.4 M over the next 4 years as part of a larger action plan to boost economic development and attract more businesses to the city.
Under the plan more money will be invested into the public transit system to ease congestion on Montréal ’s streets.
The Plan also divides the city into three economic hubs to help focus on the economic issued that affect specific business types in each area.
Housing sales falter across the country but Montréal housing market to remain strong with 46 consecutive months of sales growth.
The volume of homes sold in 2018 was down 11% compared to 2017, reported CREA.
However, the Greater Montréal Real Estate Board reported that home sales in Montréal climbed higher in December to hit a new record for the month. The Board says there were 2,825 home sales in Montréal in December based on the Centris provincial database, up 3% from 2,755 in December 2017.
It was the 46th consecutive monthly sales increase. The median single-family home price increased seven per cent to $327,450,
In the GMA, the median price of a home is forecast to increase 3.0% at the end of 2019, rising to an aggregate price of $421,306. With one of Canada’s best performing economies, low unemployment rate and renewed confidence in trade south of the border with the new CanadaUnited States-Mexico Agreement (USMCA), the Greater Montréal Area real estate market sits atop Canada’s major cities for projected growth.
“With healthy price increases projected in 2019, we’re forecasting the housing market in the Greater Montréal Area to outperform other Canadian urban centres,” said Dominic St-Pierre, Vice President and General Manager, Royal LePage, for the Quebec region.According to Sotheby’s International Realty, prices for luxury residential properties are on the rise in the city. Sotheby’s reported that almost 900 condos and homes sold for > $1M in 2018, an increase of 150 from the year before.
Starts are forecasted to grow in 2019 and 2020. “In the condominium segment, construction will increase thanks to a steady demand supported by employment growth and also to significantly lower inventories of new and existing condominiums for sale,” reads the federal agency’s latest Housing Market Outlook.
Some of the condo projects that are currently underway:
YUL2
Construction on the YUL2 tower began last Spring and will welcome its first tenants in 2020.
The YUL project includes two 38-storey residential towers and 17 townhouses. The two towers have more than 800 units including studios, 3 ½, 4 ½, 5½, and penthouses.
Tianco Group whose parent company is Gansu Tianqing Real Estate Group, the first Chinese-held company to invest in a high-rise development in Montréal, partnered with Brivia Group in this development.
QUINZECENT
Tianqing and Brivia have announced another development that they have partnered on – the QUINZECENT. Located at 1500 René-Lévesque Blvd. West, the high-end, 36-storey condominium project will offer 400 condos, consisting of studios as well as of one-, two- and three-bedroom units.
ENTICY
In the same neighborhood as QuinzeCent and YUL, Claridge recently announced the development of Enticy, a 24 storey, 185-unit project. Enticy will be built around a façade of historical townhouses. Construction will be complete in 2021 and units for a $286,950 for a studio unit.
Vacancy rates across major Canadian markets dropped from 12% at the end of Q4 in 2017 to 10.8%at the end of 2018 signaling a tightening market, Altus Group reports.
The overall market recorded a net absorption of 837,106 sq.ft. in Q4 2018. This was the second largest quarterly net absorption in the past decade, according to JLL.
Over half of the total net absorption took place in the midtown submarket, while downtown and suburban submarkets respectively made up 29.0 and 14.0% of the net absorption. Downtown vacancy dropped to single digits at 9.5%, a historic low for the last three years.
Altus Group reported increases in gross rental rates in Greater Montrealfrom $27.16from the previous year to $28.05 in 2018 In Downtown Montréal, the rates rose from $33.43 to $35.29 psf. These increases reflect a shortage of quality space, Avison reports.
In the Fall, Microsoft Research Montréal will move into 6795 Marconi Street, in the Mile-Ex district. Microsoft’s new AI lab will encompass 31,610 of the 100,000 sq.ft. building that is currently under construction by developers Canderel and Claridge.
Artificial Intelligence firms QuantumBlack, Winning Minds and BIOS all opened labs in Montréal in the last year.
Montréal had 954,510 sq.ft. of office space under construction in Q4. Included in this total is the new National Bank head office which broke ground in November. The building will cost over a half a billion dollars, making it the largest real estate investment in Montréal in 25 years. Located at 800 rue Saint-Jacques Ouest, in the Quartier de l’innovation, the building will feature a conference centre, a two-level cafeteria, a daycare centre, a gym, 400 bicycle parking spaces, 80 charging stations for electric cars and an outside garden on the 40th floor. The building, which is being built by Broccolini, will be constructed to LEED v4 Gold and WELL standards and will be completed by the end of 2022.
Groupe Mach has partnered with Airbnb to construct a new regional office along Canal Lachine. The 6 storey complex is valued at $30 M and will be approximately 158,000 sq.ft. and be complete in October 2019.
Cushman& Wakefield estimates that 3.5 M sq.ft. of office space that will be delivered in the next 48 months, 2.8 M sq.ft. already been pre-leased.
The demand for office space is being helped along by growth in the shared office space sector. IWG global operator of coworking brands Spaces and Regus has plans to grow ‘exponentially’ in Canada. It will add 375,000 sq.ft. to its portfolio in 2019, up by 300% from the space added in 2018. This expansion will bring IWG’s total Canadian footprint up to approximately 3M sq.ft. in over 35 cities.
Spaces Cité Multimédia (75 Queen Street, Montréal, QC) will open about 35,000 sq.ft. on the main floor of the Cité Multimédia building in December 2019.
Tight market will see little relief as 83% of product under construction has been preleased.
In 2018 Montréal ‘s industrial leasing market had a record year in 2018 according to CBRE. A total of 8.9 M sq.ft. of space was absorbed in the market.
Between late 2010 and late 2015, absorption in Montréal was around 500,000 sq.ft. a year.
“Since that time, until Q1 2018, absorption has averaged three million square feet a year, Stuart Baron, National Director of Research at Cushman & Wakefield reported.
Source: Altus Group
Demand was driven by the expansion of companies like La Vie en Rose which doubled its warehouse space to 350,000 sq.ft. and GoodFood which increased their square footage by an additional 72,000 sq.ft.
Altusreports that sales transactions for industrial product in 2018 increased by almost two-thirds to about $1.25 B since 2017 and accounted for about 20% of total transaction volume.
While the industrial real estate market across Canada is benefiting from a low dollar, which encourages exports, Montréal has some of its own advantages, specifically low electricity costs which are attracting cannabis operations and bitcoin miners, according to Baron. He estimates that the number of leasing deals companies from those sectors were part of was in the double digits.
The growth is expected to continue. “I think what you’re going to see is the healthiest industrial market in Montréal in 25 years in 2019, barring a significant global shock,” he said.
Currently 19.6% of all vacant space is in blocks smaller than 15,000 sq.ft. and 26% are over 100,000 sq.ft. Furthermore, most of the vacant space is located on the Island of Montréal (Saint-Laurent 20.2%, Montréal Central North 16.2%, Montréal East 14.2% and Montréal West 11.1%), totaling 61.7% of all vacant product in the GMA.
Current industrial construction in the GMA is unlikely to reduce the demand, as one million of the 1.2 M sq.ft. to be delivered in 2019 is already pre-leased or under contract. As a result, the industrial market is expected to tighten further over the course of 2019.
Apartment Vacancy in the Montréal CMA dropped significantly from 2.8% in 2017 to 1.9% in 2018.
The increased demand for rental units was in part due to an increase in net migration – both international and interprovincial. The rise of renting in newly formed younger households as well as from an aging population also supported this increased demand – CMHC.
There were 7,500 new units added to the rental supply from July 2017 to June 2018 – this was about 3,000 more units than the previous year.
The rental project Stanbrooke, a 19 storey building with 178 semi furnished units completed last summer. Apartments range in size from 364 to 1,130 sq.ft. and rent ranges from $1,220 to $2,995 per month.
In 2018, 11,400 rental units were under construction in the city, a 30-year record, said Lukas Jasmin-Tucci, Senior Analyst, Economics, Market Insights at CMHC.
The Island of Montréal accounts for three quarters of the rental housing stock in the CMA.
The number of rental condominiums rose by about 2,000 units, for an increase of 6%. The average rent for two-bedroom condominiums in the CMA, at $1,200, was significantly higher than the average rent for conventional rental apartments with the same number of bedrooms ($809). One quarter of the condominiums in the Downtown–Île-des-Sœurs neighborhood were rental units compared with an overall average in the Montréal CMA. This neighbourhood also had the lowest vacancy in all Montréal at 1%.
Vacancy rates for seniors housing increased in the Montréal CMA from 5.9% in 2017 to 6.5% in 2018. Within the CMA, vacancies range from 2.7% in Laval to 10.5% in the centre of the Island.
Demand for seniors housing will remain very strong, says Michel Bouchard, vice-president, real estate at Le Groupe Maurice. He estimates that there is 15 to 20 years worth of development potential to accommodate aging baby boomers.
ORA by Groupe Maurice opens in April 2019 and will add over 400 units of seniors housing in the d’Ahuntsic-Cartierville neighbourhood.
REITs were dominating purchaser group of Distribution & Warehouse buildings in 2018 while interest in the office sector was strong among Institutions and private investors – Altus Group.
SunLife purchased 7250 & 7450 Du Mile End Street from Mile-End Investments. The 394,638 sq.ft. office building sold for $155.5 M or almost $400 psf.
Crestpoint acquired 800 Hymus Boulevard from Broccolini for $82.3 M or $275 psf.
Les Ensembles Urbains Limitee sold 2200-2222 Sainte-Catherin Street East, 800-1000 Fullum Street and 655-675 Parthenais Street to the Societe Quebecoise des Infrastructure for $31 M or $113 psf.
BTB REIT acquired 3111 and 3131 Saint-Martin Boulevard West from SunLife. The 152,000 sq.ft. building sold for $25.31 M.
The Elpro Lofts on De Courcelle Street, a flex office building with 164,564 sq.ft. was bought by Allied REIT for $33 M.
Quadreal acquired 9001 de l’Acadie Boulevard an office building in Ahuntsic-Cartierville for $29.2 M or $166 psf.
Broccolini sold a multi-tenant office building in Kirkland for $27.5 M to Mitelman Properties.
Summit Industrial REIT acquired a portfolio of five industrial buildings in the GMA from Vista Properties for $140 M, two of which were located in the Montréal area. The distribution facilities had a total gross leasable area of approximately 1.2 M sq.ft., representing an aggregate price per square foot of $117 according to Altus Group.
Another nine distribution centres transacted at the end of 2018 as part of sale lease-back deal between Congebec and Skyline Commercial REIT. The 1.3 M sq.ft. portfolio was acquired for $190 M and included three properties in the GMA:
Akelius dominated the GMA multi res sector in 2018. It acquired six apartment buildings in the last year. The foreign investor bought over 1,000 units for $322 M. Four of the buildings were in Ville-Marie.
Montréal is home to a number of exciting multi billion dollar mixed use development projects many being built around TOD hubs.
In 2012, the CMM which represents 82 municipalities in the GMA adopted a land-use planning and development program (PMAD).
PMAD’s goal is to ensure that by 2031, 40% of new housing is located in 155 TOD hubs. To date, there are 11 TOD pilot projects, says Nicolas Froger, an urban planning expert at the CMM.
“So far, we’re on target in terms of what we’ve already planned for. The REM [the Greater Montréal light-rail system being built] will no doubt allow us to increase the number of targeted areas,” he said. Having light-rail transit running through suburban communities should help accelerate and encourage the establishment of TOD hubs, he says.
Solar Uniquartier
Construction is well underway on Devimco Immobilier’s Solar Uniquartier in Brossard. When complete, Solar Uniquartier will feature 2,600 housing units; the tallest residential tower on the South Shore, featuring 245 rental units and 125 condo units; over 130,000 sq.ft. of green space; 1.2 M sq.ft. of commercial and office space; two hotels, a conference centre and a European-inspired sports, health and recreation complex; and a public square facing the future Du Quartier light rail station.
Solar Uniquartier will be the first TOD project revolving around Montréal ’s future light-rail transit network, Réseau électrique métropolitain. It will also be the only residential project that is linked indoors to a light-rail station (Du Quartier station). Residents of Solar Uniquartier will be able to reach downtown Montréal in 10 minutes.
Griffintown
Devimco Immobilier is planning a $3 B project in the Griffintown area of Montréal, which would be the company’s biggest-ever development.
The REM will run through Griffintown and the area will receive a Bassin Peel station.
The TOD project was originally slated to include 525 condos and rental units, a hotel, and office space as well as co-working spaces that could serve as incubators for start-ups and SMEs. The plans are anticipated to evolve.
Quartier des Lumieres
Groupe Mach plans to build a 4.5 M sq.ft. development called Quartier des Lumières next to the existing CBC building in Montréal.
The project includes transformation of the CBC’s 24-storey Maison de Radio-Canada into office space, a hotel with up to 200 rooms on the upper floors and a conference centre. Surrounding it would be a number of buildings with more than 3,000 residential units comprised of condos and apartment units, additional office and retail spaces, a school and entertainment facilities.
Groupe Mach bought the CBC building and the west part of the lot for $42 M at the end of 2016.
Old Port Area
The Canada Lands Corporation is collecting RFPs to revitalize the Old Port area and will see it become a mixed-use area and tourist attraction. Canada lands will sell the 750,000 sq.ft. Pointe du Moulin site and Silo No. 5 to the winning proposal said Pierre-Marc Mongeau, VP of the Old Port of Montréal and Canada Lands Company (Quebec).
A decision is expected to be made by September on which group will be permitted to purchase and develop the site. Construction could begin as early as 2021.
Royal Mount
Carbonleo intends to transform a former industrial district into a commercial hub of mixed-used development. The developers control over 74 acres of land at the site.
The $2 B project would cover 2.2 M sq.ft. of land. Besides the theatre, its last incarnation included 1.5 M sq.ft. of retail space, six office towers with 2.3 M sq.ft. of space, a cinema, 160,000 sq.ft. of restaurants, an amusement park for children, a waterpark, five hotels with 1,000 rooms, and indoor parking with about 8,000 spaces.
The residential units, which would be built over 20 years, represent another $3 B investment, Carbonleo executive vice-president and partner Claude Marcotte said. Construction is expected to start this Spring and finish in 2022.
Retail going through transformation as some brands flourish while other are fading.
As the retail sector continues to face disruption on several fronts, landlords are looking to data analytics to develop new rental models, deliver new insights about tenants and improve operations, according to PWC’s Emerging Trends report.
One such tool is the Ravel by CF.
“Ravel by CF will create an engagement platform to enhance the businesses of brands and retailers while providing a more seamless, enjoyable experience for our consumers. Our integrated model gives us a strategic advantage in the market, allowing us to be more nimble and anticipate the needs of our consumers, our retailers and the office employees in our properties,” Jose Ribau, EVP of Cadillac Fairview said.
Ravel’s enhanced in-mall experiences include tailored services and offerings, product and retailer suggestions, better way finding in shopping centres, improvements to access such as parking and transportation, food delivery, easier payments, and anything else that might otherwise be a ‘friction point’ that could use improvement, according to an article in Retail Insider.
Montréal -based footwear retailer Aldo has partnered in the Ravel initiative.
Construction on Montréal ’s Royalmount mega-mall project will begin this Spring. The developers of the $1.7 B project are Carbonleo and L Catterton Real Estate (LCRE).
The mall, located in the town of Mount Royal, will consist of a variety of services, including hotels, offices, commercial establishments, restaurants, cinemas, concert halls and other types of entertainment venues, according to Carbonleo. The centre will cover 2.5 M sq.ft. and is expected to be complete by 2022.
Cadillac Fairview is making significant investments into its Montréal Shopping Centres.
CF Fairview Pointe Claire is undergoing a $30 M renovation. The interior will be modernized with new lighting, floors, balustrades and exterior entrances. A flagship Simons store will take over two floors of what was once the three-storey, 180,000 sq. ft. Sears store. The remaining floor will become a new food hall with food kiosks and restaurants. The current food court will be demolished and retail outlets installed.
Cadillac Fairview senior vice-president development Brian Salpeter said the renovations should be completed by Summer 2020.
Les Jardins Dorval has just sold to North America Development Group. It is anticipated that the new owner will redevelop the mall.
While the Payless and Home Outfitters brands will be shuttering their doors, Canadian brands such as M&M Meats, JAC by JC and Aritzia are in expansion modes.
The fitness segment remains among the most active retail categories right now. Big names like Planet Fitness and L.A. Fitness, as well as some trendier concepts like Orange Theory, are all aggressively pursuing new expansion opportunities.
A new Quebec-based start-up called Berso is combining e-commerce and bricks and mortar retail to become a one stop shop for maternity and babyrelated merchandise.
Berso plans to open five stores in Quebec over the next three years, before expanding to other provinces and countries. The first location is poised to open in Montréal ’s South Shore in March or April 2019, coinciding with the launch of Berso’s e-commerce website. Stores will be in the 10,000 to 15,000 sq.ft. range and have ample parking.
North Shore and South Shore communities are benefitting from affordable land prices and strong GMA Economy
Industrial vacancy rates are falling in Laval and rents are climbing despite a number of new industrial buildings that were completed in 2017, Desjardins reports. A 500,000 sq.ft. distribution centre and head office for Structube will shortly be completed.
Laval’s downtown core has $2 B of public and private investment currently underway or imminent. It is the home to incubators such as the Quebec Biotechnology Innovation Centre, the Laval Smart Mobility Incubator and Accelerator and the Centre québécois d’innovation en commerce. The city also has a satellite campus of the University of Montréal.
In Pointe-Claire, Cadillac Fairview has partnered with Ivanhoe Cambridge for the $60 M development of the 50 acres of vacant land Cadillac Fairview purchased in 2013 which is next to CF Fairview Pointe Claire. Although details are still being worked out, a REM light-rail station will be located along Fairview Avenue and with a bus terminal already in place at the mall, the project will become a good example of a transit-oriented development.
Also in Pointe-Claire, Capcium, a manufacturer of softgel products has partnered with Aurora Cannabis and will be constructing a new state-of-theart facility at 7300 TransCanada Highway.
At the end of 2018, on the South Shore there was 614,000 sq.ft. of office space under construction, according to Cushman & Wakefield.
Cogir has begun construction on Jazz Brossard. The company is investing $400 M to build 400 seniors’ apartments. The residents will have access to electric car sharing, a package delivery room to accommodate online shoppers, a professional kitchen space and a sports bar. The complex is set to open in Summer 2020.
Molson Coors has already broken ground in Longueuil investing $500 M in a new facility while numerous other projects begin to take shape. More than 1.9 M sq.ft. of space is projected for the new year and users are likely to continue flooding this market, reports JLL.
In Lachine, Dollarama is expanding their distribution operations with a new 270,000 sq.ft. facility that will include 27 loading docks.
Montréal ’s Suburban areas are becoming increasingly popular with tenants given the upward pressure on rents on the Island, the scarcity of available space, and the major infrastructure work currently underway, Cushman & Wakefield reports.
The Quartier des spectacles is a cultural destination that has become a driver of economic growth in Montréal.
Over a square kilometer in size, Quartier des spectacles is Montréal’s Entertainment District.
Quartier des spectacles hosts over 40 annual festivals and houses over 80 performance spaces. Over 30 independent galleries operate from the Belgo Building at 372 Ste-Catherine Street West, with many others dotting the area.
It is served by three Métro stations and 10 bus lines and is also connected to the city’s RÉSO. It is anchored by the Place-des-Arts, a multi-purpose complex home to the Musée d’art contemporain de Montréal, Les Grands Ballets Canadiens, Opéra de Montréal, and the Montréal Symphony Orchestra.
The city’s master plan for district includes a strong emphasis on encouraging downtown repopulation. The idea is to avoid becoming an entertainment district only, transformed into a ghost town once the crowds have left and the bars and restaurants shut down.
The Quartier des spectacles is in close proximity to three universities -McGill, Concordia and Université du Québec à Montréal.
“The idea is to create a place to live, to learn and have fun,” says Marie Lamoureux, spokeswoman for the Quartier des spectacles Partnership
In Spring 2017, the Quartier des Spectacles Partnership and the Ville de Montréal announced the results of an update on a study conducted by Altus on the real estate related economic benefits of the Quartier. The study, which covers 2007 to 2019, showed that the real benefits associated with the completion of 60 property development projects total $2.2 B.
Since 2007, the Ville de Montréal and its various government partners have invested more than $200 M in redeveloping public spaces in the Place de Arts sector, with the aim of making the Quartier des spectacles an essential cultural destination. This public investment helped attract 60 development projects representing $1.5 Bin construction investments and generating a property tax and school tax which could reach $449 M over the total lifespan of the projects.
“Culture is not only a fantastic driver of social development, it also makes an undeniable economic contribution to Montréal, as proven by the study of economic benefits generated by real estate development in the Quartier des spectacles,” said Robert Beaudry, member of the Ville de Montréal executive committee responsible for economic and commercial development and government relations.
Some of the developments in the districts follow:
Devimco Immobilier, the Fonds immobilier de solidarité FTQ and Fiera Properties will spearhead the $700-million MAESTRIA mixed-use development in Montréal ’s Quartier des spectacles district on the site of the old Spectrum concert venue.
MAESTRIA will comprise two towers, 51 and 53 storeys high, containing about 1,000 condominium units, 500 rental apartments, plus retail and commercial space in a 51,000-square-foot, lower-level extension.
The development will include a walkway between the two buildings on the 25th floor which will give the residents a view of the events held in the Place des Festivals below. It will also include music rehearsal space and art studios. Construction is expected to begin at the end of 2019.
Domtar recently sold the green space next to their building between President Kennedy Ave. and de Maisonneuve Blvd in the Quartier des spectacles for $14 M to Groupe Canvar. The developer plans to construct a hotel/condo project on the site.
Developer Rachel Juilien’s Laurent & Clark project is slated for completion this year. Construction on the second tower which began last year will be completed in Winter 2020 or 2021. Phase I consists of 159 units in 21 storeys. Phase II will contain 175 condos in a 25 storey tower.
Prices in Phase II range from $173,000 for a 287 sq.ft. studio to $834,000 for a 1,363 sq.ft. three-bedroom unit.
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