Commercial Properties

by Darrin DeRoches August 25 - 31, 2011

I have a couple of commercial properties for sale right now and I have steadily been receiving calls on them.  The interesting part is that nine out of ten inquiries are from outside the city. The latest inquiry was for commercial space in Westdale.  The property we have listed is for lease and they are looking to buy a property for their expansion.  I was able to send them three suitable properties in their price range, though you would think more properties would be available.     You keep hearing how downtown Hamilton is dead, but if you look for properties for sale there are not many to be had. There is a lot of talk about the James street revival and the prices have jumped on the entire street.  It seems those who have bought commercial properties in the downtown are looking to lease instead of selling.  This is a big indication that downtown may be having a comeback. Yes we have heard about this time and time again, but this time things are actually happening. Treble Hall is on its way, several condo developments are selling, they are breaking ground on two hotels, condos and commercial space on George Street. Shovels are in the ground and things are happening.     The rumor mill is buzzing about another possible revitalization of the Royal Connaught. The Lister Block is just about done. All these projects will give a new life to the downtown and commercial business will follow. All these projects along with a new McMaster building will bring a lot of new people to downtown. More people bring more money.  This is when you will start to see more and more commercial businesses re–open in the downtown core. American chains are slowly entering our city with a new Marshal on upper James Street with Target coming in mere months. All these indicators show a compelling growth in our city.  Recent articles are highlighting the growth in people from Toronto moving into our Residential market. The commercial market is seeing the same influx.     What does all of this mean? Growth. Money is flowing and if you are thinking of selling or buying a commercial property in this city – the time is now.  You can still find a bargain in certain areas, but if you have a building in the more desirable areas – companies are buying.  It may be the time to re–think your property and look for a better tenant or sell your property for top dollar.  They are all looking for high traffic areas and if you have a property in or around these areas be selective about your tenants since higher end tenants are now looking closely at our city for expansion.  V     Darrin DeRoches is a local real estate and mortgage broker. He can be reached to answer questions, comments or stories about real estate experiences through this weekly column at mail@uniquerealty.ca.