For those of us in Canada, Wednesday was Canada’s 148th birthday. Happy Birthday Canada and thank you for giving all of us a day off to spend with family and friends! A short week with Canada Day as a statutory holiday caused many of us in the industry to cram 5 days of work into 4 days. Commercial Real Estate is humming along with deals still materializing as many begin their summer vacations.
Late last week, it was announced that the Sheppard Centre in Toronto has received its zoning approval for an upcoming redevelopment of this centre at the northeast corner of Yonge and Sheppard. A new 39-storey apartment will be erected on the site as well as the introduction of Longos and LA Fitness.
It’s interesting when many people think about commercial real estate, they focus on the sexy retail and office component of the business. However, industrial buildings are a major component to many successful business operations. The GTA currently has the strongest industrial real estate market in North America. New industrial buildings have recently been built on spec (some with LEED certification) as this area of GTA commercial real estate is thriving (Western Canada is struggling with the difficulties in the energy market).
I assist many clients with their commercial real estate lease renewals. Assuming that a deal negotiated 5 or 10 years prior to renewing your lease is still satisfactory (except for monthly rent) is the wrong way to potentially continue a business relationship with your landlord. Hiring a broker to provide you with market rents in your respective area, a synopsis of upcoming changes in the area (i.e. new public transportation like the LRT that may affect traffic, new buildings and amenities) is essential to making an informed decision.
published on:July 3rd, 2015