Allied Canadian REIT Portfolio The GoalThe redevelopment of 13 industrial buildings into functional office space equaling approximately 450,000 SF with listings starting July 1998.
The major goal with Allied Canadian REIT was to create a five year leasing program that enabled the landlord to provide shell and tenants to pay for their leaseholds. The focus was to secure a 100% leased position with secure full floor tenancy and the best possible covenants.
The ResultBy June 2005, approximately 778,000 SF leased though 66 lease transactions. NER's started from $11.00 psf to $24,000 psf then back to $12.00 psf. Tenant built-outs totaled almost 95% of their space, with tenant renewals cheaper since space built-out.