The recent political turmoil in Europe and the United States may be good news for Canadian property owners, especially in coveted parts of cities. A leading commercial real estate investor predicts that the next two years could be very good for cities in Ontario, particularly Toronto. The demand for commercial property has even created a scarcity of office space in more popular parts of the city.
The CEO of a major trust company says that the uncertainty caused by the results of the presidential election in the United States combined with the recent withdrawal of the United Kingdom from the European Union has caused many investors to turn to Canada. Nevertheless, whether this trend will continue is uncertain. There is no way to tell what will happen over the next year or two after President-elect Trump is inaugurated. For now, though, Canada offers a security investors are not finding in other parts of the world.
Another trend investors are watching is the movement from suburban areas to urban neighbourhoods. People are not just working in inner city spaces, but they want to live and be entertained there as well. Landlords are more open to their tenants’ needs, providing space for curated retail stores and pop-up shops. The new flexibility accommodates the rapid transformation of the retail ideals, as well as practical concerns like parking.
This is an exciting time for Ontario real estate. With the fast pace of today’s commercial real estate market, anyone wishing to invest would benefit from the advice of a lawyer. In addition, property owners can contact a lawyer to obtain sound legal advice for negotiating contracts and drafting leases.
Source: buzzbuzzhome.com, “What’s in store for Canadian commercial real estate in 2017 and beyond“, Josh Sherman, Nov. 24, 2016