The ever-changing needs of commercial real estate requires the market to always be adapting. The Toronto commercial real estate market is a dynamic one and perhaps one of the most promising and stable markets globally. A prime example of the way a stable market can change without losing equity is the rising trend of Office Condos, which SAMM Developments is working to supply.
In the face of the impact that COVID-19 has made on both the global and local economy as well as the needs of businesses and employees, office requirements have been in a strange flux. Many office employees are lucky enough to be able to work from home in order to follow social distancing protocols, but there are countless others that still have a need for physical office spaces to greet clients, support patients, and collaborate in person.
Due to this, while businesses may have less employees physically in office, physical distancing will call for more square footage per employee in order to stay six feet apart. SAMM Developments’ Regal Plaza, which will consist of 150 office condo suites of approximately 800 sq.ft., presents a unique opportunity to accommodate this growing need - by purchasing one suite or combining several suites, allowing buyers to customize how much office space is required for their business.
“Office condos have already been a popular choice for some time now, especially for dental and medical practices, lawyers, and architects,” says Owner and President of SAMM Developments’ Ali Akman. “Small and medium sized businesses are attracted to the idea of committing to purchase their office space as they are generally not growing or shrinking drastically, so they know their size requirements won’t drastically change over the next few years.”
Photo by Michael Browning on Unsplash
The decision to purchase real estate versus renting is an ongoing deliberation, but purchasing an office condo as opposed to renting provides many benefits. Hard assets such as real estate provide reliable equity, which has always made it a popular investment choice in times of economic uncertainty. And with the added benefit of not worrying about lease changes - considering how many businesses have lost their lease through the COVID-19 pandemic - purchasing property ensures that you are in control of your company’s location in the future.
SAMM Developments facilitates the growing popularity of office condos, providing workspace for small and medium companies that want the stability and equity that comes with owning commercial real estate without the need or financing to purchase an entire building. This changing trend in the GTA commercial real estate market suggests greater demand for office condos in the coming years as many businesses reassess their needs for commercial office space in the wake of COVID-19.