Vacancies: 2.9% ↓
Rents: $753 ↑
Signs of Life in Ontario’s Most Challenging Market
Windsor, an industrial city, has had a difficult decade. The well-established apartment market went into the 2008 recession with some of the highest vacancy rates in the province, and the downturn pushed vacancies to astonishing levels. By 2008, the vacancy rate for the whole census metropolitan area was 14.6%. Although very much a buyer’s market, the high vacancy rates and dropping rents meant low rates of return for individuals who took the risk.
Good news has started to return to Windsor. Unemployment is down and there has been a net influx of residents. Work is progressing on a major new border crossing with Detroit and the revival of the automotive industry breathed new life into the economy.
Government spending will drive Windsor over the next decade. Work on the new bridge, highway and customs complex will produce a short-term construction boom that may provide a pool of new renters. We feel that Windsor has hit rock bottom and is starting to rise and that the floor is solid. The situation is better than in nearby Chatham or Wallaceburg where vacancy rates are as high, but towns don’t have Windsor’s advantages.
Windsor’s economy has challenges ahead, but investments in the city’s transportation infrastructure will create jobs and spur the rental market. If you can tolerate high risk for a potentially high reward, Windsor is the place to invest, although not for the faint of heart.
- Opportunities for repositioning distressed properties.
- Windsor could become a retirement community, with a temperate climate, health care, access to Detroit.
- Vacancies are lowest among the best buildings while older lower quality buildings still struggle.
- Windsor is likely to remain a renter’s market for the next few years.
- University of Windsor is creating strong demand in the west end, but only for value rentals.
- Windsor is the only city in Ontario where the east end is better than the west end.
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Global Director Buildings
Mansoor Kazerouni is an Architect with over 27 years of experience and a significant portfolio of projects completed or underway across Canada, the United States, the UAE, Jordan and India. These include high density high-rise residential buildings, hotels, office, retail, institutional, and complex urban mixed-use developments. A number of these projects have been nominated for and received Urban Design and Architectural Design awards.
Mr. Kazerouni is the Global Director of Architecture at IBI Group, leading a team of over 1,400 Architects, designers and Engineers located in 60 offices worldwide.
Mr. Kazerouni has been a guest lecturer on the subject of architecture and mixed-use design at universities, conferences and various panels. He has also been interviewed on the subject by newspapers, architectural publications, television and other media.
Mr. Kazerouni's abilities and expertise in his field have been recognized by his appointment to the City of Mississauga's Urban Design Advisory Panel, the City of Markham’s Urban Design Advisory Panel and the City of Vaughan's Urban Design Advisory Panel. He is also a past Advisory Board Member of the Urban Land Institute, a member of the Ontario Association of Architects, the Alberta Association of Architects, the Nova Scotia Association of Architects, the Architects Licensing Board of Newfoundland and Labrador, and a member of the Royal Architectural Institute of Canada. He has testified as an expert witness at the Ontario Municipal Board and at Arbitration Hearings related to development sites.
Darryl McCullough CCIM SEC
Broker - Royal LePage Lakes of Muskoka Realty Inc., Brokerage
President - Crescent Equity Management Inc.
Since 1972, I have been given the opportunity to interact with seasoned partners and clients in structuring and organizing both simple and complex real estate transactions involving acquisition, disposition, finance, and consulting in Canada and throughout the United States. It has trained me to bring a unique, personal client-centered approach to each assignment, from simple to complex transactions and the diverse clientele who own them.
In 1984 I received the Certified Commercial Investment Member, CCIM, designation (www.ccim.com); an internationally recognized identity confirming amortized knowledge in the disciplines of investment, development etc.
Another prominent membership I thankfully am able to continue holding is with the U.S. based Society of Exchanges Counselors (www.secounselors.com). This organization shares my belief in pursuing and demonstrating problem solving techniques in the real estate industry based on proven principles of integrity, professionalism, and accountability. Through this organization I continue to dedicate myself to what is true in the discipline of real estate problem solving.
Technology coupled with a learned research and analytical skill set now allows me to carry out these functions with selected projects from my adopted Muskoka home.
I continue to maintain an ever changing “student” learning status not only related to the physical asset, but equal or more importantly, drawing out corporate/personal situations and objectives and then knitting together ultimate benefit packages based on creative solutions via time honoured formulas.