This Globe and Mail Article by Salmaan Farooqui highlights the fantastic opportunity small business owners may have to capitalize on current vacancy rates. Quoted in the article is our very own Andrew Baker, Broker of Record and expert in commercial real estate. Below is an excerpt of the article.
Commercial real estate agents and members of BIA’s around Canada say the current climate is a prime opportunity for a business to get a new location at a favourable rate if they’ve managed to stay afloat despite the pandemic.
“Retail has been crushed downtown, all you have to do is walk around,” said Andrew Baker, a broker of record with Lennard Commercial Realty, which operates in Toronto and surrounding cities.
Baker said the current situation is similar to the economic downturn in the early ’90s, where some businesses such as law firms were able to lock in extremely cheap rental contracts that were deeply beneficial to their business in the long term.
He said he’s currently working with the owner of a physiotherapy practice in Mississauga, Ont., that’s looking to double their size while capitalizing on the current vacancy rates.
“She wants to be opportunistic and hard-nosed about it, and she’ll probably get her way,” said Baker.
“It’ll probably set her and her business up for long term profitability for the duration of the lease.”
Read the whole article here
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