Have you ever come across a roadblock, turned to take an alternative route and found yourself up against another obstacle?
During Saskatoon’s construction season (basically anytime not designated Winter), it can be frustrating trying to find a route without some hurdle.
Likewise, commercial real estate buyers and sellers can potentially encounter endless roadblocks during the course of a transaction.
Unlike driving, though, you can anticipate these snags and potentially veer around them.
My short commute route takes me past two nationally branded gas stations.
Both locations seem to be compatible in exposure and traffic count with front elevations that showcase up-to-date versions of their respective brands.
Why then is one site far more successful than the other?
The past year has been a roller coaster for the commercial real estate industry.
Just when it looked like were gaining traction it seemed the world had another thing in store for us.
But I’m hopeful for 2021 and therefore I choose to focus on what’s in store for us.
No one can pinpoint a precise market number.
Run for the hills If a broker represents that they know exactly what your property is worth.
Doubly so if a commercial real estate broker tours you through property and does not point out the defects, as well as the features.
So who can you trust?
From fur trading to e-commerce, the oldest and most resilient retailer in Canada has been the Hudson’s Bay Company (HBC) since 1670.
The company’s roots go back so far, they pre-date Confederation by nearly 200 years.
If ever there was an example of reinvention, over and over again, it will never be said that this retailer went down without a fight.
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.
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.
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.”
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.
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…