City centers like Toronto, one of the largest cities in North America, are becoming the focus of a lot of swirling activity in recent real estate markets. After decades of city dwellers lighting out for the suburban hills for some peace and quiet, a reverse trend is now being seen where workers want to live closer to their jobs in downtown locales. People now want to live, work and eat within a few miles of their location, lending a lot of value to once-vacant retail stores and apartment buildings.
Retail facilities alone are set to see a giant spike in activity during the year 2014. A recent survey of real estate trends, published by PricewaterhouseCoopers and the Urban Land Institute, indicates that downtown intensification of populations will make retail properties a very strong investment, especially in the cities of Toronto and Calgary, which have seen a lot of growth. This report is unveiled by this article published by The Toronto Star.
Compared to many American cities, most Canadian cities are what urban planners would consider to be “under-retailed.” This means that there is a lack of retail facilities that can cater to the currently growing populations of these communities. Many expect that this will drive up the demand for mixed-use redevelopment of warehouses, apartment buildings and other properties that could be renovated to house a retail store.
And those suburban offices that have been driving families away from cities for years? The death knell isn’t here yet, but we’re hearing it toll on the horizon. With more workers choosing to live closer to city jobs, these places are well on their way to being vacated because of lack of investment. The older design of these workplaces is also poorly made for many businesses that favor an open, more collaborative office facility among workers.
The real estate market has always included waters, which are difficult to navigate, especially in a major metropolitan center like Toronto. Janterra Real Estate Advisors have the expertise to explain all of the nuances of this market and help you find the best commercial or residential property to fit your needs, whether in Ontario or across the entire country!