Chris Tyrovolas Broker
Broker
Phone: 905.666.1333
Email: ctyr@royallepage.ca
Licensed since 1987, Chris specializes in the sales, leasing and opinions of value of Commercial, Industrial, Multi Family Properties & Land. He has built an extensive network of contacts including municipal personnel, developers, investors, bankers, property managers, lawyers, accountants and a vast array of business owners. His career has included the successful sales of an airport, multiple unit apartment buildings, commercial plazas, office buildings and development land.
2020 Royal LePage Commercial National Top 10% Achievement Award
Office real estate may be struggling, but there are bright spots in commercial real estate
Industrial real estate has emerged as an unexpected saviour, with leasing volumes rising across Canada
With offices and educational institutions resuming face-to-face operations by early next year, downtown spaces are expected to be back in demand.
The suburbs made a remarkable comeback during COVID-19, as residential prices, rents and sales escalated faster than those in the urban core, while commercial real estate data depict a similar picture of strength and resilience in the areas outside the downtown areas.
Indeed, the real estate story during COVID-19 is a tale of not one, but several markets. One is that the roaring housing market defied all predictions of doom and gloom, with unprecedented increases in demand coupled with lacklustre supply pushing housing prices upwards.
Another is focused on commercial real estate markets, which are further differentiated by geography and type. Often concentrated in the urban core, office real estate continues to struggle with growing vacancy rates and softening of rents. The short-term forecasts for office markets spell even more trouble, with vacancy rates projected to rise further.
Another is focused on commercial real estate markets, which are further differentiated by geography and type. Often concentrated in the urban core, office real estate continues to struggle with growing vacancy rates and softening of rents. The short-term forecasts for office markets spell even more trouble, with vacancy rates projected to rise further.
But not all is lost in commercial real estate. Industrial real estate, especially suburban warehousing space, has emerged as an unexpected saviour, with leasing volumes rising across Canada. And if you thought COVID-19 had taken the retail sector down, think again. The on-again, off-again restrictions have certainly hurt retail real estate as has the shift to e-commerce. But retail leasing volumes started to recover after the second quarter of 2020, and retail vacancy rates are forecasted to stay steady.
Recent data from CoStar Group, which tracks and analyzes activity in commercial real estate markets, demonstrates the diversity in market trends. For example, office leasing, like residential real estate sales, declined in the first quarter of 2020. But office leasing has since struggled to fully recover, while residential sales sprang back almost immediately.
The decline in office leasing is most pronounced in Toronto, where CoStar Group data show leasing volume in the third quarter of 2021 was 47 per cent lower than the average for the same quarter from 2018 to 2020. Other major markets, including Calgary and Edmonton, which were struggling even before the pandemic, showed similar declines.
The office market in Vancouver, though, showed resilience. Leasing volume there was up by 33 per cent in the third quarter of 2021 compared to the average for the same quarter from 2018 to 2020. Why is Vancouver bucking the trend? Carl Gomez, chief economist and head of market analytics at CoStar Group Canada, believes it’s because of the number of small- to medium-sized tech companies located there.
Toronto’s urban core is dominated by firms specializing in banking, finance, law, and insurance. The shift to working from home has been more pronounced in those sectors, according to Statistics Canada. The decline in office space leasing was, therefore, expected given the declining demand.
Suburban office markets, however, have managed to stay in the black. The net absorption of office space has been negative in downtown Toronto since the second quarter of 2020. But the suburban Greater Toronto Area (GTA) has fared much better, with positive net absorption quarter after quarter.
The urban-suburban divide also persists in Vancouver. The net absorption of office space has been negative downtown, at least since the first quarter of 2020. The suburban office markets, on the other hand, have reported positive net absorption. Even in the second quarter of 2020, soon after COVID-19 was declared a pandemic, suburban Vancouver reported almost one million square feet in net absorption.
The suburban markets are also conducive to the growth in industrial real estate. By the fourth quarter of 2020, industrial leasing had topped pre-pandemic leasing levels in Canada. Furthermore, an additional 16 million square feet of industrial real estate is in the pipeline for Toronto and almost eight million for Vancouver.
The better-performing suburban commercial real estate markets in Toronto and Vancouver suggest a slight shift in location preferences that the pandemic has accelerated. However, one should not be quick to write-off downtown areas just yet. With offices and educational institutions resuming face-to-face operations by early next year, downtown spaces are expected to be back in demand, which might require vacancy forecasts to be revised downwards.
FOR SUBLEASE: 7,500 SF Prime Office Space
Sub Lease to Oct 31, 2025
- Open Concept with 2 offices and Kitchenette
- Perimeter Windows Excellent IT infrastructure
- Common area Washrooms with showers
- Elevator Access Ample Parking Easy Highway Access
CHRIS TYROVOLAS
CTYR@ROYALLEPAGE.CA
FREE PUMPKIN GIVEAWAY! Royal LePage Frank, Whitby Is Hosting This Event
Saturday October 16th, 2021
Royal LePage Frank at 200 Dundas, Whitby. is hosting this family fun event at our offices. We are collabing with Castle Creek Farms in Newcastle to support local farmers.
200 Pumpkins are available and prizes can be won.
Event starts at 9 am and finishes by noon.
https://www.royallepagefrank.com/
NEW VIDEO- 1810 Dundas. Click to watch.
NEW LISTING - RARELY OFFERED!
±12,384 SFT with Recent Renovations Currently Divided into Showroom & Warehouse.
Substantial On-site parking. Banner On Building & Pylon Sign. 3 Truck level Loading Docks (2 currently not in use).
Landlord is looking for Long Term AAA Tenant.
Available August 2022.
For more information and permitted uses and zoning please contact me;
Chris Tyrovolas
ctyr@royallepage.ca
www.commercialchris.ca
Royal LePage Commercial
Royal LePage Frank Real Estate
Prominent new single storey office building +/- 10,000 SF- Divisible
Owner willing to divide into 2 units for the right tenants
Attractive, modern design featuring smoked glass perimeter windows and grey brick construction
Located at the “Gateway to Whitby” on the N/W corner of Thickson Road and Dundas Street East
Traffic counts of over 32,000 vehicles per day.
Minutes to the 401 and 407
Ample on-site parking
Washrooms in, drywalled and ready for your office design
2 rooftop HVAC units. 1 X 7.5 tonne & 1 X 2 tonne. 5 additional curbs to accommodate further HVAC units if required.
$23.00/SF TMI estimated at $10.00/SF (subject to change after building is assessed by MPAC)
Picture yourself in the most prominent new office building available in Durham Region
Reach out to me, Chris Tyrovolas, for all information on this property
ctyr@royallepage.ca
Introducing commercialchris.ca - A New Beginning
NEW LISTING
For Sale: Large Mixed Use Commercial Residential Property In Oshawa, ON
Building is located close to Rotary Park, Tribute Community Centre & Quick Access to 401.
Lot Size: 47.51 Ft x 132 Ft .
2 Units Under One Deed.
193 Simcoe St S. Residential - 2 Bedroom 1 Bath
195 Simcoe St S. Commercial Space with Additional Living Space
Multiple Entrances, 3 Hydro Meters & 2 Water Meters
Property Being Sold “As Is, Where Is”
For all questions on this property. please contact me;
Chris Tyrovolas
www.commercialchris.ca
Royal LePage Commercial
Royal LePage Frank Real Estate
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#200B -1032 BROCK ST S Whitby, Ontario
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Listing # E5363172
PROFESSIONAL OFFICE SPACE TO LEASE
200B - 1032 BROCK ST S Downtown Whitby
Beautifully maintained 2nd-floor Professional Office Suite located in a desirable Office Building. First-class finishes - Move-In condition. Unit includes 8 spacious private offices, reception space, boardroom and kitchenette. Conveniently located just North of the 401. Ample Onsite parking.
EXTRAS **** Existing Tenant may be willing to vacate early.
For all information, please reach out.
Chris Tyrovolas
ctyr@royallepage.ca
commercialchris.ca
For Lease: Freestanding Retail Building With Tremendous Exposure On Hwy 2 Across From Kendalwood Plaza.
NEW LISTING - RARELY OFFERED!
±12,384 SFT with Recent Renovations Currently Divided into Showroom & Warehouse.
Substantial On-site parking. Banner On Building & Pylon Sign. 3 Truck level Loading Docks (2 currently not in use).
Landlord is looking for Long Term AAA Tenant.
Available August 2022.
For more information and permitted uses and zoning please contact me;
Chris Tyrovolas
ctyr@royallepage.ca
commercialchris.ca
Ideal Space for Medical Specialists Looking for a High Patient Traffic
200 BROCK ST N., UNIT 1,WHITBY, ON
FOR LEASE
954 S+/- Ground Floor Suite Highly Visible Building on a Major Signalized Intersection in Downtown Whitby
- Whitby Clinic has been Established Over 30 Years
- Building Signage Available
- In House Pharmacy
- Ideal Space for Medical Specialists Looking for a High Patient Traffic
- Tremendous Referral Opportunities from Other Medical Tenants
- Asking $25/SF + $22.50/SF Taxes & Operating Costs (Operating Costs Include all Utilities & Janitorial)
- Monthly Rent $3776.25 Inclusive + HST Other
- Tenants Include: Doctors, Life Labs, Massage, Pharmacy, Physiotherapy, Chiropractic, Podiatry, & Radiology
Contact Chris Tyrovolas for more information
commercialchris.ca
ctyr@royallepage.ca
For Lease : Modern, new single storey office building +/- 10,000 SF, Whitby, ON
Washrooms in, drywalled and ready for your office design.
Please contact me for full details on this property;
Chris Tyrovolas
ctyr@royallepage.ca
commercialchris.ca
Amazing Opportunity. Prestige Office Space In Brand New 60,000 Sf Office/ Industrial Building
FOR LEASE | 1693 THORNTON ROAD N, OSHAWA, ON
Ready Fall 2022.
10,000 Sq.Ft. Available On 3rd Floor, 3 Walls Of Windows, Fully Accessible, Roughed In Washrooms. Ready For Tenant Build Out.
15,000 Sq.Ft. Of Industrial Space Also Available
$11. Psf Net
**** EXTRAS **** Great Location On Thornton Road North Of Taunton. Close Proximity To 407 And Oshawa Airport. You Won't Miss The Signage
Zoning Available By Request For List Of Allowable Uses.
Tmi Is Estimated.
Contact for more details commercialchris.ca
FEATURED LISTING
DO NOT WALK PROPERTY
Contact for more details commercialchris.ca
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