Did you know when you’re buying or leasing that you can engage a commercial broker to search listings, organize viewings, and write offers, among other duties, for the low cost of… ZERO?
This relationship is referred to as a Buyer’s broker and as the name suggests, they work for you and you alone.
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This question that was asked of me yesterday triggered the notion that there was a need to write about it.
Each of these three valuation processes have different end goals. It’s important to understand which value can be relied upon to represent fair market value.
When either a real estate broker or accredited appraiser is gathering information to determine a value, neither the insurance nor assessed tax values are taken into consideration.
It’s not what everyone wants to hear. If you’re hoping for a high value, you’re more likely to quote the number stated on your insurance policy. Let me explain.
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Megatrends are often described as powerful and transformational forces that can change economy, business and society over the course of centuries.
Obvious examples of this would be the use of electricity, the creation of the automobile and in the most recent past, the adoption of the Internet.
We follow quarterly and annual trends in our markets, but what are some of the megatrends being predicted for our economy as they may affect commercial real estate specifically?
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Commercial real estate investing is all about how hungry you are for specific product types.
This desire will, in many ways, be fuelled by your aversion to risk.
How much risk do you think you can chew?
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I think it’s fair to say that we don’t recommend people and their services if we don’t like them.
The problem, however, is that often liking someone can hinder us from really considering if you’d recommend them.
Confused? Consider the following…
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I promised you that I’d hold myself accountable in my Jan 2019 post and report back to you.
So, how did I do? At that time, I predicted a decline in the overall Saskatoon Industrial vacancy rate from 6.8 per cent to 6 per cent.
That’s after a significant 2 per cent decline in 2018 and a 0.9 per cent decline to 6.8 per cent in 2019.
I’ve never professed to be a psychic, but I think looking over the trends of the past year I can safely make a few bets on the commercial real estate market for Saskatoon in 2020.
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Christmas is a time to reflect and appreciate all the good things that happened over the past year.
Commercial real estate agents are no different.
And as such, I submit to you the greatest gifts tenants, landlords, buyers and sellers gave me in 2019.
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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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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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