Saskatoon retail continues market expansion

Ongoing expansion in our Saskatoon commercial retail sector has resulted in the overall supply exceeding demand.

Our 3Q19 retail market update reports the average vacancy rate has edged up to 4.6 per cent.

Let’s look at where that expansion is taking place and the market locations where the most interesting vacancy story can be told.

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Saskatoon property owners face tax increase, commercial owners’ shoulder greatest burden

The City of Saskatoon has tabled their epic discussion on a two-year budget for 2020/2021.

While the preliminary budget released this summer projected a 3.97 per cent property tax increase overall, we can all breathe a sigh of relief because it will only be 3.7 per cent.

Wait, what the heck?! That’s still a lot!

This is not good news for anyone, especially commercial property owners who already carry a greater tax load than their residential counterparts.

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Balance returns to 50 per cent Saskatoon’s industrial sectors

The overall Saskatoon vacancy rate has been trending lower since its peak in 2016. Our Q319 Industrial Market survey reports an overall current vacancy rate of 6.04 per cent.

That one number does not, however, reveal the complete story.

I consider a rate under 5 per cent to reflect a relatively balanced market.

How close are the eight submarkets to regaining balance?

Here’s an overview along with the factors that are important to consider surrounding that question.

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Pet business is nothing to bark about

Canadians have never been more in love with household pets.

According to the latest statistics from the Canadian Animal Health Institute (CAHI), there are 8.2 million dogs and 8.3 million cats in Canadian households.

That’s a ten per cent increase over the past ten years, reports CAHI.

This equates to approximately 41 per cent of all homes having one dog, or 37 per cent having one cat.

It’s no surprise then that the pet business is booming.

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The art of passionate selling

As a commercial real estate broker/advisor, the type of assignments I take varies significantly.

They’re never boring; there’s a different nuance to every deal!

I started my career in real estate sales when I was 20 years old and to this day, still find it immensely rewarding when a client’s goals are met through a closed transaction.

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Nashville’s Canadian connection

I was privileged to be invited along on yet another great ICR sales adventure, with the company treating us to a trip to Nashville this past month!

Nashville, Tennessee is known best by its nickname of Music City as the home of country music.

According to a study completed through Belmont University, the City is home to over 80 record labels, 130 music publishers, 180 recording studios, 27 entertainment publications and estimated 5,000 working union musicians.

Belmont estimated in 2006 that the music industry, through tourism as well as direct and indirect industry spending contributed $6.38 billion to the local economy.

Quite the economy indeed, when you consider the first citizen to inhabit Nashville had a wildly different background from music.

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Agreement for Sale vs Vendor Takeback: which is really better?

With commercial mortgage rates at historic lows and good availability of funds, we don’t find occasion where these alternative finance options are often used.

There are however times when an alternative strategy is required for the buyer to fund the deal.

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Federal election implications for CRE

It seems like just yesterday that Justin Trudeau shocked Westerners with a decisive victory in the 2015 federal election.

However, it’s been a brisk four years and now everyone’s hitched back up on the old campaign trail.

As is the season, all parties are setting their plans forward for Canadians should they get a chance to lead.

I may have to read between the lines a little, but is there anything in these election promises for the commercial real estate industry?

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How does MY option to renew work?

It was represented to you that you have an option to renew.

There is a specific clause in your lease that spells out details of that option to renew.

However, can that clause effectively achieve what you intend it to?

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Is an apartment building residential or commercial?

Technically, I suppose they’re both!

Though apartments buildings may exist in traditional residential zoning, they absolutely qualify as a commercial investment

Here’s why.

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