Altus Group has recently released its 2022 “Canadian Property Tax Rate Benchmark Report,” which provides some interesting stats.
Although Saskatoon and Regina both raised commercial tax rates, with Saskatoon increasing by 3.3% to $16.15 and Regina by 2.74% to $17.14, Saskatchewan’s costs are far below the national average.
The raw data for our 3Q22 market reports have been compiled, and the findings are fascinating.
The four main categories, downtown and suburban office, retail and industrial sectors, have seen positive absorption since the last quarter.
Patience is a virtue for multi-tenant investment sales final adjustments
All parties to a sale (brokers, property managers, buyers, sellers, and lawyers) must be prepared for the process necessary to calculate occupancy cost adjustments at sale closing.
If you’re selling multi-tenant commercial real estate, the final statement of adjustments that your lawyer provides could take a couple of months to complete.
This Saskatoon office vacancy graph illustrates it well.
We see the relative similarity between downtown and suburban office vacancy trends for the 12 years between 2008 and 2020; then, suddenly, in 2020, the divide begins to swell.
We currently have over a 10 per cent vacancy spread between the two submarkets.
What if you have a vision but no money to implement it?
This a common thread points of all start-ups.
There is a spate of miniseries on streaming services right now regarding high profile business struggles that I think are worth checking out.
As brokers, landowners engage us to provide an opinion of value on development land.
At the same time, those landowners often offer, what is believed to be, comparable land sales within close proximity to the subject property.
What they may not realize is that there could be a whole back story to that supposed comparable land sale that render it incompatible as a sale comp.
There are many working parts in offering to purchase or lease a commercial real estate property.
Determining the strategy you will employ in a negotiation, however, can have a big bearing on the outcome.
There has never been a better time to cash-out of your Saskatchewan industrial and retail commercial real estate.
While there is currently demand from owner occupants for office buildings, that demand however is not the same for multi-tenant office due to typically higher vacancy in that particular asset class.
Insurance is a difficult line item to justify sometimes until you need it.
Do I have enough? Can I actually access it if I need to?
What happens if I just don’t have any?
Commercial real estate landlords, regardless of their vacancy, don’t have to be excited to rent to just anybody.
Sophisticated landlords can get downright picky.
This isn’t necessarily a reflection of discrimination towards any type of tenant, however.