Dear BTF Community,
In this interview, George Armoyan, a prominent entrepreneur and executive chairman of G2S2 Capital Inc., discusses:
- Atlantic Canada as a Business Hub: Armoyan highlights the advantages of operating in Atlantic Canada, particularly Halifax, where businesses benefit from a lower-cost labor market and a supportive, family-friendly environment. He emphasizes that the region offers all the benefits of a larger city without the associated challenges.
- Confidence in Calgary’s Office Market: Armoyan has made significant acquisitions in Calgary’s commercial real estate sector, including Bow Valley Square, First Canadian Centre, and the Altius Centre. Despite challenges posed by the pandemic, he remains confident that office space will continue to be in demand in the long term, believing that Calgary’s market offers strong investment opportunities.
- Entrepreneurial Advice and Business Transition: Armoyan advises entrepreneurs to focus on common sense and perseverance to succeed in business. He also stresses the importance of planning ahead when transitioning or selling a business, cautioning against setting arbitrary timelines and emphasizing the need to understand economic cycles to achieve the best value.
Enjoy,
Mark
George Armoyan, a prominent entrepreneur and executive chairman of G2S2 Capital Inc., will be a guest speaker at the upcoming Atlantic Business Transitions Forum.
With an extensive career in real estate and business leadership, Armoyan has founded and grown numerous companies since 1982, making him a well-known figure in the Canadian business community.
As president of Armco Capital Inc. and Chairman, President & CEO of Clarke Inc. and Chairman of Ravelin Properties REIT, Armoyan’s leadership has reshaped industries ranging from real estate to oil and gas, with a focus on maximizing shareholder value through strategic acquisitions and operational restructuring.
Armoyan’s appearance at the Forum promises to offer valuable insights for business owners, particularly those contemplating the future of their companies. Having led significant projects, including the development of 16 public-private partnership schools across Nova Scotia and New Brunswick, Armoyan’s diverse experience spans multiple sectors.
In a fireside chat at the Atlantic Business Transitions Forum on April 29 in Halifax, Armoyan will share his learnings and experiences with the entrepreneurial community.
Armoyan expressed his enthusiasm for participating in the Forum, highlighting the importance of sharing knowledge with fellow entrepreneurs.
“I’m excited to be a part of this event and look forward to engaging with fellow business owners who are navigating important transitions in their companies,” Armoyan said. “The Forum is a great opportunity to discuss the challenges and opportunities that come with changing market conditions and how to position businesses for long-term success. I believe that by sharing experiences, we can all learn valuable lessons and help each other make smarter, more informed decisions for the future.”
Atlantic Canada, especially Nova Scotia, continues to stand out as a strategic location for businesses, says Armoyan, who has deep roots in the region. Though based in Montreal today, Armoyan’s company still operates its head office out of Halifax, underscoring his long-term connection to the area.
“Atlantic Canada, specifically Halifax, is a great place to raise a family. It offers all the advantages of a big city but without the major issues that come with larger cities,” Armoyan noted. “Plus, the labour market can be more economical than places like downtown Calgary. You can hire the same caliber of people for 25-30 per cent less.”
While he acknowledged the challenges that come with operating in the region, Armoyan remains optimistic about its potential for long-term growth. The friendly, supportive atmosphere in Halifax, along with a workforce that offers competitive wages, makes it an attractive destination for businesses looking to expand or relocate.
Beyond Atlantic Canada, Armoyan is also making waves in Calgary’s commercial real estate market. Known for his contrarian investment approach, Armoyan’s company has been active in the Calgary market, acquiring significant office properties such as Bow Valley Square, First Canadian Centre, and the Altius Centre.
“Calgary has been overbuilt over the years, and some financial institutions and pension plans—who are a lot smarter than me—decided they had too much exposure to the office space market and chose to divest. As contrarians, we saw this as an opportunity,” said Armoyan. “We believe long-term in office space, especially in Calgary. We’re not worried about office space going away anytime soon.”
Armoyan’s company has made three key office property acquisitions in Calgary over the past year, while also pivoting in Montreal, where one of their properties is being converted from office to residential space.
The entrepreneur, who has been a key player in various sectors for years, also shared his advice for entrepreneurs navigating today’s business climate.
For Armoyan, success boils down to two key elements: common sense and perseverance.
“In business, it’s very simple—you need to have more revenue than expenses,” he emphasized. “Challenges come, but you always have to figure out a way to keep moving forward. Losing is temporary, but giving up is permanent.”
Armoyan’s advice extends to entrepreneurs looking to transition or sell their businesses as they reach retirement age. He cautioned against rushing the sale and stressed the importance of understanding economic cycles.
“Don’t put artificial timelines on yourself,” he said. “You have to plan ahead and take into account economic cycles. If you’re looking to sell, it’s a process, and it might take longer or shorter depending on the timing. You need to be prepared for when the opportunity knocks.”
As Armoyan continues to expand his investments and grow his portfolio, his approach remains focused on the long-term stability of both Alberta’s real estate and hydrocarbon sectors, while recognizing the unique advantages of operating in Atlantic Canada.
Mario Toneguzzi is a veteran of the media industry for more than 40 years and named in 2021 and 2024 a Top Ten Business Journalist in the world and only Canadian. He also made the RETHINK’s global list as a Top Retail Expert 2024 and 2025.