RE:RE:RE:Selling Propertiies At These High Interest RatesSo Reece, using r exampls chronically 50% empty, has only 26 tenants and a bunch of expiring lease this month. Just how attractive do you think this is to buyers? How lousy a price do you think it would sell for?
Reece1986b wrote: 80 Richmond Street West in Toronto for example has the worst occupancy of any Dream Office building. It ends every quarter with occupancy worse than the previous quarter. It has 26 tenants which take up 2 thousand square feet on average. All this effort for a building which is 50% empty. [Numbers taken from page 40 of Dream Office 2022 Q3 Report]
I can't imagine this building turns any profit given what has been spent on it and the fact it was 50% empty and will be getting still more lease expiries on January 1st 2023 (see leasing website: leasing.dream.ca). This building could be sold and the money used to pay down 5% interest debt.