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?
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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.
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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.
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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?
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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.
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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 over?
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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 past.
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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.
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This question that was asked of me yesterday triggered the notion that there was a need to write about it.
Each of these three valuation processes have different end goals. It’s important to understand which value can be relied upon to represent fair market value.
When either a real estate broker or accredited appraiser is gathering information to determine a value, neither the insurance nor assessed tax values are taken into consideration.
It’s not what everyone wants to hear. If you’re hoping for a high value, you’re more likely to quote the number stated on your insurance policy. Let me explain.
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Commercial real estate investing is all about how hungry you are for specific product types.
This desire will, in many ways, be fuelled by your aversion to risk.
How much risk do you think you can chew?
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