We are in the last few days of July….where has this month gone! Much of the talk has been about the problems in Greece, the Pan Am games, which are nearing an end, and the weather. However, commercial real estate has been chugging along with many noteworthy events in the past week.
The big announcement on Thursday was that Loblaws will be closing 52 unprofitable stores across Canada. With Target exiting Canada and Walmart feverishly expanding most of its stores to the Superstore concept, there continues to be a fierce competition in the grocery industry.
I work with many clients in the office leasing sector of commercial real estate. Many large corporations in the financial, law and accounting sectors want their offices to be on Bay Street. However, there is a new trend for many businesses leasing office space south of Front – this popular node has a vacancy rate of 1.7%! There is and has been a tremendous amount of new development south of Front (5 million square feet of office space) attracting many businesses to this newly created popular area.
A big part of my job when representing clients is to educate them on the intricacies of the commercial real estate industry. I walk each and every client through the entire process reviewing each clause in the agreement to ensure everything is understood. Many of my clients have been through the process before but if you are not negotiating deals on a daily basis, it can be a very daunting and stressful experience.
Enjoy the sunshine and warm weather this weekend!
published on:July 24th, 2015