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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As reported in our first quarter Saskatoon office survey, we currently have over 400,000 SF or 16.7 per cent vacancy in our Saskatoon downtown competitive office market.
Those numbers do include the vacancy within River Landing’s 185,000 SF East Tower which is nearing completion.
The numbers do not however reflect 40 per cent of the space yet to be leased within the 300,000 SF Nutrien Tower which has just recently started construction.
Once that additional vacancy is accounted for, we will be reporting core area vacancy in excess of 20 per cent.
Saskatoon’s office market is in transition.
The demand for new Class “A” inventory is coming from users already present.
There are not enough new tenants entering the market and the “flight to quality” is projected to continue.
Let’s talk solution.
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Our Lady of Paris, the literal translation for Notre-Dame de Paris, has received an outpouring of public sympathy following a devastating fire last week.
Having seen Notre-Dame in person I can tell you it’s something to marvel.
The full cost of the fire is still being tallied but I’m not sure you can put a price on something that is nearly irreplaceable.
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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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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 purchased my second single family home in 1979. It was located at the end of a quiet cul-de-sac in a good neighborhood.
The downside was it backed onto a retail strip mall. That wasn’t a concern for me however because everything within that retail corridor was one storey.
Within a year of owning the home, it was announced that a five-storey office building would be constructed overlooking my rear yard.
I immediately sold the property.
Even though the project was public knowledge, I believed it would be easier to sell before it could be seen that the windows in that towering structure would have a full view of my yard.
From that early, first hand experience I can relate to homeowners that are suddenly faced with a project that significantly impacts the value of their home.
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