Monday, November 29, 2010

On afterthoughts

Funny that this doesn't get mentioned until the end of the Globe and Mail's attack on corporate property tax rates, long after the mandatory dose of anti-tax hysteria:
(Commercial property tax rates) don’t seem to be hurting the country’s investment landscape, however, with the value of commercial property deals set to reach $16-billion by the end of the year, according to Avison Young.

That’s $4-billion more than in 2009, powered largely by real estate investment trusts that have been able to raise millions of dollars to invest in office, industrial, retail, land and multi-residential properties.

“This upswing is attributed to a number of factors, including stable and improving market fundamentals, historically low borrowing costs, high availability of debt, a narrowing bid-ask gap and the emergence of REITs as active buyers,” said Avison Young’s director of research Bill Argeropoulos.

Office sales have accounted for about $2.3-billion of 2010’s sales, Mr. Argeropoulos said.

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