Price slashing. Mark downs. Lower prices. Discounted goods.
The word discount conjures up a variety of value for many consumers.
Discount is a deduction from the usual cost of something.
The irony of that rationale is by who’s standard is the cost of something?
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 Lighthouse, which provides support to Saskatoon’s homeless and mentally ill, is vital to our community but it can’t come at the expense of our vibrant Downtown as a whole.
Prior to the global pandemic, Saskatoon’s Downtown businesses were already feeling the
impact of reduced foot traffic due to safety concerns of the Lighthouse.
Now, the reported national statistics for tenant relief requests from the retail sector mirror close to what we’ve seen in Saskatoon.
As a result of economy shutting down to Covid-19, on average, 70 per cent of requests have come from retail tenants; only 30 per cent have come from the office and industrial sectors.
A game plan to invigorate our downtown retail business before it’s too late is urgent.
It’s time for the City, local businesses, and the Lighthouse to examine a Plan B if we hope to save this core neighbourhood.
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.
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
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
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.