YXE Marquis Industrial facts you didn’t know

Up to and including June 13th, only five building permits have been issued since January 1st, 2017 within the Marquis Industrial Area.

There were four permits issued during the month of April however that number has remained unchanged since the end of April.

Spring is typically the season we see the greatest number of new industrial construction starts.

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3 questions to ask yourself when leasing retail space

Leasing commercial retail space can vary by development but there are some fundamentals that most tenants in this sector should take into consideration while shopping around.

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My Personal Experience of “Unplugging”

It’s not hard to find opposing opinions on the philosophy of disengaging from technology, nor is it possible for me to say what’s right for you. My wife and I have experimented for a month now with “technology free Sundays.”

Our definition of “technology free Sunday” is that our cell phones and computers are shut down from the time we retire Saturday night until Monday morning. The experiment has been positive for both of us.

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3 questions to ask yourself when leasing industrial space

Even the most seasoned tenant can miss some pretty vital points when investigating new space. It’s certainly more challenging for new businesses that have never occupied commercial real estate before.

Here’s a few tips to look out for that can save you money and hassle down the road when searching industrial spaces.

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What you need to know before investing in commercial real estate

I had a client ask yesterday what I believe to be the long term risk associated with investing in retail commercial real estate. Let’s ponder that question as it relates to the four major asset classes.

In an earlier post, “Time to Sell Functionally Obsolescent CRE?” the discussion focussed on what could be considered owner occupant type assets. For the purpose of this overview, we’ll assume that the real estate is current and relevant.

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Stability emerging in Saskatoon industrial sector

It’s been a long hard road for the Saskatoon Industrial real estate market over the last few years. We’ve seen average vacancy skyrocket from under 4 per cent to over 10 per cent and significant softening of net rental rates.

The recent announcement of the ICR brokered Mitsubishi Hitachi Plant acquisition by Brandt Group injects some much need optimism into this sector.

With 208,000 square feet (SF) on over 22 acres, the wind turbine factory has the potential to employ 500 people.

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Kindersley still a hot spot for SK drilling activity

Despite a rough patch for oil in 2016 activity actually increased in one of Saskatchewan’s growing secondary markets.

The town of Kindersley has a total population of 5,628 people but trades as a hub for more than 40,000 surrounding residents. Their history in oil and gas goes back many decades and they are certainly not tapped out yet.

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A solid case for going Green

Some holes are surfacing in the climate change stance as stated in this recent article. You may or may not believe the world is entering an irreversible period of global warming.

There is no question that air pollution within our world’s mega cities and the waste being deposited into our oceans are a result of increasing population density and our enormous human footprint. Can a business case be built for constructing and refurbishing buildings with environmentally friendly specifications that goes beyond supporting the global warming cause?

Let’s explore that question.

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Slower but sustained growth in Saskatoon

With a certain weaker economy currently in play, the City of Saskatoon has released their newest projections for growth in Saskatchewan’s largest urban municipality.

While the gain may come more gradually than it has in the past few years of Saskaboom, the City has high hopes we will continue to attract residents.

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Ode to the Mall

My little sister Jenni and I in West Ed Mall, circa 1984. West Ed opened in 1981 and was the world’s largest mall (5.3 million SF) until 2004.

I have been a fan of the shopping mall experience for as long as I can remember. Maybe it’s my upbringing as a country girl, but I’ve always found interior malls to be an exciting place to visit.

Despite what appears to be dire times for the mall, market research indicates that some traditional shopping centres are doing very well. And in fact, aren’t down for the count at all.

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Turn a negative into a positive

Mainstream media is quick to report the bad news in our world. We can’t ignore the negative but the creativity to turn these opportunities into a positive is available to us.

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A diligent dilemma

Regardless of whether you have entered into a commercial real estate lease or sale, there is a level of due diligence required by each party to complete the transaction.

Every deal is unique but I’ll provide a few examples that most commonly occur in the Saskatoon commercial real estate market.

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Steady as she goes, in Saskatoon CRE

ICR has collected the fourth quarter results for 2016 and though commercial vacancy remains higher than average in some sectors, overall the numbers have not changed drastically over the past year.

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Four key benefits of contracting a Commercial Broker to find your space

Most businesspeople make it common practice to hire a broker to list their space for sale and/or lease.

There are also many compelling reasons to seek formal representation when looking for a new home for your business although this may not be the best solution in all circumstances. Don’t sign a contract unless you believe you will benefit from representation and save money.

Let’s explore the advantages of contracting one commercial real estate company to partner with to meet your goals and ensure the most favorable outcome.

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What went wrong at the Oakland “Ghost Ship” warehouse?

What makes the Oakland “Ghost Ship” fire most tragic was the preventable nature of everything that occurred.

In the days that followed the fire, news trickled out regarding the tenancy and landlord situation in place. Could the loss of life have been avoided? Indeed it could have.

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Former police headquarters gets new lease on life

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Saskatoon City Council has approved the sale of the former municipal police building on 4th Ave S and now the work will begin for us.

Originally built with a uniquely specific purpose, this property is going to get a new lease on life.

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How to leverage your commercial real estate investment options

1899585_origI was chatting with a client over dinner at a charity event last night. One of the topics he spoke passionately about was the benefits of forming partnerships to invest in real estate.

He has observed other cultures which have successfully embraced the partnership model more frequently than he sees in Canada.

Are Canadians simply more independent thinkers? Or does it speak to a lack of confidence in this form of ownership?

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Hack: Exposing the games CRE buyers play

chess-boardLet’s assume you or the listing broker representing you has properly qualified the purchaser who has your commercial real estate under contract.

Let’s also assume you provided that purchaser a very comfortable six week conditional period to complete their due diligence and arrange financing so they don’t have to come back to you with a request for an extension.

I just experienced this exact situation as a listing broker working with a buyer’s agent from another brokerage.

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A frank discussion about the open office concept

ambus-desk-0111There has been much written about the benefits of the “new” open office concept. On the other hand it’s not difficult to find articles which state the open office concept has been proven to not be effective.

The truth is it depends upon the dynamics of a company and personal preferences of the individual. It is important to tell you that I have my own bias on this issue. I will nonetheless do my best to present the pros and cons objectively.

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Fall brings cool weather, but Saskatoon still warm for retail

shopping-bags1The International Council of Shopping Centers (ICSC) held their annual Canadian Convention in Toronto from September 19-21. The event allows brokers, owners, developers, and retailers to meet up and form relationships at one central location.

With over 150 booths of various disciplines, attendees were able to mingle and cook deals in person. ICR sent a large contingency of brokers as usual and they came back with encouraging news.

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ABC’s of Leasing: Pitfalls for first-timers

Leases are created by landlords to protect their investments. They identify the rights and responsibilities for both parties during the term of the relationship.

Because in most cases the lease comes from the Landlord, he or she is going to be more aware of the clauses and ultimate implications. No one is trying to pull the wool over a tenant’s eyes, but there are items that are important to understand prior to entering into an agreement.

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Deeper issues surround YXE property tax increase

city-logo-2_1With a civic election around the corner there is much discussion surrounding our current administration’s property tax track record.

We have seen annual property tax increases average 5.43 per cent over the current council’s four-year term. During this same period the consumer price index indicates inflation has risen by an annual average of 1.9 per cent.

Anyone seeking civic office who is riding on the representation that they’ll keep increases under the rate of inflation without revealing a road map simply lacks credibility.

There is lots to talk about surrounding this issue.

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Hello, I am… Accountable

accountability-businessAccountability is defined as the fact or condition of being accountable; therefore, responsible. I think it’s a word that is thrown around without much consideration for the consequence of the potential expectation created.

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Salesman, saleswoman or salesperson?

Barry and KellyA few weeks ago, I was searching for a photo to accompany an earlier blog post. It didn’t surprise me, but it was a little disheartening to find that images of female real estate agents were hard to come by.

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How has the Employee Ownership Purchase Model worked for ICR?

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In an earlier, January 2015 blog post  I discussed the Employee Purchase of ICR. Nineteen months have passed since that announcement; let’s try and take an objective look at the pros and cons of this method of selling a business.

I believe in both our personal and work lives, where change is involved, it is beneficial to stop and take note of what worked, and what kind of challenges we encountered along the way.

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We’re on the hunt

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We field a number of questions regarding the type of sale or lease product that moves the quickest in our market. It’s hard to generalize because every commercial real estate property is different however there are certainly those that stand out from the rest.

We are always searching for new product to bring to our clients, so pay attention to our wish list:

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Saskatoon CRE market snapshot

DSCN1001With an abundance of industrial and office inventory, the story in Saskatoon’s commercial real estate market has not necessarily improved since the beginning of 2016 but it could be stated that things may be stabilizing.

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The sky is not falling

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I had a conversation with a small contractor this week whose view of the commercial real estate market was a little off to me. He indicated that landlords should be bowing to tenants and taking whatever offers they can, given our current vacancy.

I won’t disagree that we have a fair amount of inventory within our Saskatoon industrial and office markets. While deals and incentives are being offered I don’t think it’s a dire situation.

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5 ways to get your commercial property leased

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Location and demand stand out as the major leasing drivers of commercial real estate however they are not the only factors.

Here’s a few tips I share with landlords to help their properties shine above the competition.

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Quality YXE commercial real estate investment assets scarce

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Many people I speak with are surprised to learn that we have such a high demand for investment product in this province. I am quite often asked the question (possibly due to the high vacancy rate in the industrial and office sectors) whether we believe prices have “bottomed out.”

I will first need to qualify my definition of “quality,” however in the last number of years there has been absolutely no downward movement in the price of these assets. As a matter of fact there has been some minor cap rate compression in the past year.

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The Saskatoon Commercial Real Estate Shining Star

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A common question asked in conversation is: “how’s the market?”  It’s difficult to provide a one sentence response to that question!

We’ve already reported the rather dull current status of the Saskatoon office and industrial leasing markets. We do have a strong demand for good quality Saskatchewan commercial real estate investment property however our supply is limited.

Where the story gets better, where we have a good balance between supply and demand and where we are still seeing new construction on spec is… retail!

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3 Essential investigations before buying CRE

There are three important due diligence items that should be on your to-do list when purchasing commercial real estate in any asset class. I have just resolved that when applicable, my Business Manager and I will do everything reasonably possible to ensure Buyers that we represent will be provided these documents prior to removal of their purchase agreement conditions. Let me explain why!

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Industrial land remains a hot commodity in Saskatoon

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While building inventory in the industrial sector may be high, demand for industrial zoned lots continues. According to the ICR first quarter report for 2016, the industrial market is stabilizing but vacant inventory has risen slightly since the final months of 2015.

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