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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Specifically speaking, it depends on where you live on this earth.
Globally there are still approximately 2.7 billion women restricted from doing the same jobs as men.
But that’s not necessarily true in North America, right?
Okay, how about this more relatable fact: only 5 per cent of the Fortune 500 companies have female CEOs.
When we look at the general workforce, approximately 63 per cent of women (aged 25-54) participate in the labour market; that compares to 94 per cent of men in the same age category.
The statistic doesn’t tell us where those 37 per cent of women are or why they aren’t participating but it certainly highlights the imbalance between genders.
So it’s agreed, there is still some work to do.
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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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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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In a city projecting another deficit year, it might seem strange that Mayor Charlie Clark has decided to lay down a mandate for a new downtown rink.
But Clark has recently declared that a site for the new arena will need to be chosen before the end of 2019.
What’s the big rush?
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There are three significant numbers I’m looking at to determine the sentiment of the industrial real estate market.
One of those numbers is positive, and two illustrate we have yet a way to go before we’ve fully recovered.
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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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