Real Estate
Demolishing Office Buildings for the Land Underneath Is Latest Property Bet
Mach’s Vincent Chiara says if deals can be made at a steep enough discounts, it could be worthwhile to replace buildings with something more valuable.
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Don’t get Vincent Chiara wrong. Like many investors in the real-estate industry, he still has doubts about the future of office buildings.
But as Chiara snaps up these properties, rapid-fire, in cities across Canada, he’s convinced he’s caught onto something that everyone else has missed: Prices have now plunged so much that in many cases they’re actually below the value of the land itself.