I’ve not been shy about my love affair with the traditional interior mall as a retail institution.
While skeptics have been predicting their inevitable death, the interior mall seems to
innovate and survive in spite of its critics.
But could the disruption of the Covid-19 pandemic finally have done them in?
The dialogue is starting around this latest experiment in the office sector.
We’ve seen other experiments in recent years such as the open office concept and co-working concept. COVID-19 has accelerated a work-from-home (WFH) trial that might otherwise have taken years to duplicate.
Will WFH emerge as the disruptor that some are suggesting?
Will organizations be able to maintain culture within, while the experiment is underway?
Fair is a pretty relative term in the commercial real estate universe.
It depends entirely on which side of the transaction you are as to what your perception of fair may be.
In regard to commercial leasing, does fair apply to the landlord or tenant?
If you’ve purchased a commercial or residential condo, you would have encountered an estoppel certificate.
There are many reasons for obtaining a condominium estoppel. They provide insight into the project reserve fund, illustrate if there are any unpaid contributions or arrears and determine if its bylaws and policies are in good standing.
Estoppels are just one of
many due diligence items I encourage buyers to ask for.
The information I’m discussing here is applicable only to single and multi-tenant investments (excluding multi-family rentals).
Let’s look at the importance of obtaining estoppel certificate(s) during your investigation of an investment property.
Despite patting ourselves on the back for flattening the curve in Saskatchewan, we flatlanders are not out of the woods yet.
In the anticipated build up to employees returning to their traditional workspaces, stringent protocols will be in place for office users in particular.
A return to our previous normal practice seems a long time away and some speculators predict the Covid-19 pandemic will change office interaction permanently.
Last week Saskatchewan Premier Scott Moe announced a phased in plan to reopen the province for business in the wake of Covid-19.
While some people are saying it is too soon, most agree that it has been long enough.
So how will this unfold for commercial real estate tenants?
The sudden, real impact of COVID-19 can be seen in supply
chain disruptions, lower consumer confidence and reduced consumer spending.
Trying to measure the macro picture, the scope and duration
of the economic stoppage is not easy.
For those corporations who are currently sitting on surplus
capital, waiting for the bargains to surface, it is still to early to assess
how property values will be affected.
It is however, becoming clear which sector will emerge as
strongest asset class.
There is no question about the effects of the Covoid-19
pandemic on Canada’s economy.
This sudden misfortune has tested the strength of the commercial real estate industry in ways we’ve never encountered before.
So what does the future hold for tenants when this is all
I’m grateful that despite the new challenges many of us are currently
encountering in this remarkable new world, I’m doing well.
However, that would not always have been the case in my
It is certainly weird times out there right now.
With no one able to predict how long this will last, it is
imperative that we remember to support local business as they’ll be struggling
along with the rest of us.
But how can I support local business if I can’t leave my