Commercial Real Estate Roundup- #16

Another busy week in TO with the Pan Am Games opening ceremonies tonight, increased traffic as part of the games and HOV lanes now in effect until the games end (including drivers putting mannequins in the passenger seats to look like real people)!

In the retail industry, sales per square foot is a key indicator to measure success of retail stores.  In Canada, Apple has the highest sales per square foot at $7,241 with the second place retailer (Lululemon) at $2,961 per square foot.  So, the next time you see a new Apple store open up, you will understand why Landlords will do everything possible to secure a deal with this retail juggernaut!
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If you have driven up Avenue Road north of Bloor, you will have undoubtedly noticed the major renovation First Capital Realty has undertaken on Hazelton Lanes/Yorkville Village.  Residents of the neighbouring condo have run into major problems with the developer over renovation issues.
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In commercial real estate, most sophisticated landlords use BOMA standards to measure square footage in commercial buildings (leased premises and common areas).  Some landlords estimate square footage and don’t get involved in properly measuring leased premises when completing deals.  Always ensure your landlord professionally measures your premises.  Never assume square footage is accurate!
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