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True North Commercial REIT T.TNT.UN

Alternate Symbol(s):  TUERF

True North Commercial Real Estate Investment Trust (the REIT) is a Canada-based unincorporated, open-ended real estate investment trust. The REIT is primarily focused on creating value for unitholders through the investment in and ownership of commercial properties in Canada. The REIT’s primary objective is to maximize total returns to its unitholders. Its returns include a stable, reliable, and tax-efficient monthly cash distribution as well as long-term appreciation in the value of its units through the effective management of a portfolio of commercial properties. The REIT owns and operates a portfolio of about 40 properties consisting of approximately 4.6 million square feet in urban and select strategic secondary markets across Canada focusing on long-term leases with government and credit-rated tenants. Its properties include 36 and 38 Solutions Drive, 500 Beaverbrook Court, 61 Bill Leathem Drive, 675 Cochrane Drive, and 1112 Fort Street, among others.


TSX:TNT.UN - Post by User

Post by TheeRookon Jan 05, 2024 1:59pm
229 Views
Post# 35812848

New Buildings

New Buildings"The older you get, the higher the vacancy." 

The Globe and Mail reports in its Friday edition that Toronto's top-tier Class A properties have long filled up with tenants. The Globe's Rachelle Younglai writes that buildings with less appeal in inconvenient downtown locations, Class C, have generally had the highest vacancy rates. The latest research shows, however, that older Class A office buildings now have as much empty space as Class C buildings as demand for downtown offices has declined and a raft of new Class A skyscrapers have opened. Today, it is only the most recent Class A buildings that have the lowest availability rate, a measure of empty space and space available for rent. "You can be an iconic tower, but what the tenants are all saying is they want the newer stuff," said Carl Gomez, chief economist with CoStar Group, a commercial real estate firm. "The older you get, the higher the vacancy." Toronto's newest Class A buildings, or those built after 2014, had an availability rate of 3 per cent in the third quarter of 2023. Those built between 1980 and 1999 had an availability rate of 18 per cent. Some of the older buildings include high-profile skyscrapers such as the red granite Scotia Plaza and the black TD Towers designed by Mies van der Rohe.
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