Industrial sales close in the blink of an eye

This may sound counterintuitive as we navigate the economic impact of a pandemic.

But I’ve recently reported that our Saskatoon industrial vacancy rate actually dropped in 3Q20 demonstrating the economic resilience of this asset class.

Two industrial properties I recently brought to the market sold within one week. 

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Value is in the eye of the CRE beholder

There is one thing universal to commercial real estate transactions when it comes to investment buyers and sellers.

Buyers want the highest cap rate they can find; and sellers want to challenge the market with the lowest cap rate it will withstand.

Often the value of the property lies somewhere in between.

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Verbal Offer is No Offer

If in a negotiation you hear the Seller say: “I’ve already been offered $X sum of money,” and that amount seems somewhat unrealistic, ask if it the offer was in writing.

It’s interesting how many times the response is, “no, it was not in writing.”

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Creepin it real this Halloween

The pandemic is sure to have put a damper on the pop-up Halloween store phenomena of the last few years.

A Value Village survey in 2018 revealed that 40 per cent of customers stated Halloween is their favourite holiday; second only to Christmas, it would seem, when it comes to seasonal spending.

So it should come as no surprise that the Retail Council of Canada is reporting that eight out of ten Canadians still intend to celebrate Halloween this year despite Covid-19 concerns.

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Movies for commercial real estate nerds

After a hard day of knocking on doors and grinding out deals, how do commercial real estate agents relax?

By sitting down and watching films about our industry like the nerds we are. Or is it just me?

Here are a few I recommend checking out…

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3Q20 industrial vacancy rate improves over last quarter

Although Saskatchewan’s GDP is projected to decrease by 5.5 per cent in 2020, our latest quarterly industrial market survey shows the industrial vacancy rate in Saskatoon has dropped.

A remarkable fact when you consider the financial hit that our economy has just endured due to the pandemic.

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The line is drawn between easements & encroachments

I have a pretty wide range of expertise as a commercial real estate professional.

I’m not an engineer, electrician, or city planner, but I need to understand some working knowledge in all these areas (and others) to properly advise my clients.

An issue that comes up pretty regularly in our world is dealing with easements and encroachments on properties.

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First to close and last to open

It feels like 2020 has been the longest year on record for everyone.

Things are hardly back to normal by any standard, but it has been encouraging to see the buzz of back to school shoppers and the community embracing dining out again.

As we enter the last quarter of the year, it’s important to remember that there are some industries stuck in limbo, such as any facility that hosts crowds.

What does the future hold for entertainment venues?

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Selling is a form of art

Therefore, salespeople could be considered artists. Here’s an example of what I mean.

With a total of seven partners within our brokerage division, we have a bit different business model at ICR. Our new licensed associates are mentored collectively by the partnership.

When they’re seeking solutions for an assignment, an apprentice is encouraged to request input from a few partners.

We then suggest they take that input and craft a solution that they can call their own.

It’s kind of like art and it’s an empowering process!

It’s interesting how we can all have a different strategy to move to the next step.

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