A focus on deal timelines are a necessary evil in our commercial real estate world.
They are the thread that binds conditional lease and sale transactions.
But what happens when issues arise beyond your control that negate those agreed upon timelines?
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We were recently called in to value and market a single tenant property with an existing lease in place. The tenant had been granted an option to renew during their last renewal negotiation.
I informed the owner that we would have been able to achieve a higher price if we were able to go to the market as a vacant property.
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Oh sure, everyone has ideas about how to get a space leased up.
But when is the last time someone made a list about how not to get a space filled?
Wait no more, landlords, I have a list as such for you.
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There are important elements to consider when reviewing a business with the intent to purchase.
Taking the time complete a thorough investigation is critical to discover the hidden facts.
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As I looked into the eyes of a classroom of entrepreneurs last week I wondered what wisdom I could impart.
My first thought was, good on you. You’ve found a passion and you want to share it with the world!
My secondary thought was, awesome, here comes a commercial real estate agent ready to deflate all your hopes and dreams.
I jest.
But I have heard this comment before, so let’s get it out in the open and have a chat about it.
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There are times when it is not wise to invest in commercial real estate.
Alternatively, many potential investors don’t take the plunge out of fear of the unknown and years later regret it.
Let’s look at some examples of when you’d be advised not to purchase.
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There are three significant numbers I’m looking at to determine the sentiment of the industrial real estate market.
One of those numbers is positive, and two illustrate we have yet a way to go before we’ve fully recovered.
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Last week, Saskatchewan’s Minister of Finance Donna Harpauer released her second budget, which projects a $34.4-million surplus for 2019.
Thinking selfishly, I wondered: how does this budget impact commercial real estate sale investment in our province?
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I thought twice about writing this post!
Does it risk raising the question with the city administrators: are our Saskatoon and Regina commercial property taxes too low?
Or… does it showcase just one more of the many benefits of setting up shop in one of our two major Saskatchewan cities?
In an earlier post I referenced the 2018 Canadian Property Tax Rate Benchmark Report released by Altus Group, and supporting partner REALPAC with a focus on the commercial to residential tax ratio.
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The rules are the rules, whether we like them or not.
Nowhere is this truer than as it applies to municipal zoning.
I find clients can easily get discouraged in property searches when they discover where their business is, and is not welcome, as determined by the local zoning bylaw.
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