Office condos aren’t for everyone but they may just suit your business better than you think. There are a number of benefits to purchasing a condo:
One size does not fit all
In our market, new condominiums are often not demised until a few deals have been put in place. Developers will often leave space wide open to allow flexibility in the required layout.
There are often natural demises they can provide buyers ahead of time or during marketing. Generally this only applies to new construction as resale condos are already established.
Because they are carving out a portion from a larger space, the demises for office condos can be much smaller than a standalone property. Commercial condos at The Banks, for example, start around 514 SF.
The hunt is on
Office vacancy across the country is rather high right now. And that is true of both Saskatoon’s downtown and suburban office product, however, the inventory to choose from to purchase is still quite limited.
There is little to no supply downtown for small office standalone buildings. Most of what does exist is converted homes on the outlying edges. The same could be said of the suburban market. Office condos offer the option to move into these areas without having to locate an entire building.
Location, location, location
One of the closest condo options to downtown is nearby City Park with Timber Pointe on Queen. The main floor of this two-storey building is still available and the developer will consider demises from 1,600 SF to the full floor at 7,450 SF.
Condos are actually prevalent in our newer suburban centers. Options exist in areas such as Stonebridge and College Drive for new and resale condo product.
Peace of mind
Similar to the reasons you might buy a residential condo, a commercial condo can offer the same sort of hassle free operations.
The condo corporation will ensure the sidewalks are shoveled and the grass is mowed. You don’t have to worry about the day to day upkeep of the property outside of your demised portion.
The condo board is made up of owners so there is a real effort to keep the property tidy and attractive. You can have direct input into how the property is maintained should you participate on the board.
Relatively new to our market, commercial office condos offer a unique opportunity to own. Have I missed any other valid points regarding this niche product you can think of?
Posted by Kelly Macsymic
