Condominium Offices in the Toronto Real Estate Market
A commercial condominium is a portion (unit), of the building that can be purchased from the owner / developer. The purchaser holds title to the premises and has full control over all elements within the premises. In the future owners may also purchase other units from another Unit Owner. The condominium unit may be as small as a single office suite or could consist of entire floors of the building Condominium office ownership allows companies the ability to lock in their occupancy costs, therefore having a greater control on the future expenditures of their business. From an investment perspective, when purchasing in a prime location, the ability to profit from the long term capital appreciation is a major asset.
Owners who anticipate future expansion can initially purchase a larger space and sublet the excess area to third party until the owner is ready to expand. Equally owners, have the flexibility to sell either all or a percentage of their space when required. In addition to long term appreciation, owners have the flexibility to control all aspects of interior design and function, precisely catered to their needs. In a commercial condominium, any space improvement investments are the property of the owner, whereas tenant lease improvements become the property of the landlord.