{"id":55393,"date":"2018-05-25T17:08:04","date_gmt":"2018-05-25T21:08:04","guid":{"rendered":"https:\/\/www.aicanada.ca\/article\/growth-industry\/"},"modified":"2018-05-25T17:09:04","modified_gmt":"2018-05-25T13:09:04","slug":"growth-industry","status":"publish","type":"article","link":"https:\/\/www.aicanada.ca\/fr\/article\/growth-industry\/","title":{"rendered":"La croissance de l\u2019industrie"},"content":{"rendered":"\n

An appraiser from Colorado talks about how increasing acceptance and legalization of marijuana are changing the real estate landscape<\/strong><\/p>\n\n\n\n

\u00a92017 Reprinted with permission from the Appraisal Institute, Chicago, Illinois. All Rights Reserved.<\/em><\/p>\n\n\n\n

As Canada prepares for the legislation of marijuana, AIC looked to our neighbours to the south for examples of how valuation professionals have adapted in states where similar legislation has passed.<\/p>\n\n\n\n

Arriving on site to appraise a large, heavily secured mar<\/p>\n\n\n\n

La croissance de l\u2019industrie : <\/strong>Un \u00e9valuateur de Colorado d\u00e9crit comment une plus grande acceptation et la l\u00e9galisation de la marijuana change le paysage immobilier<\/strong><\/p>\n\n\n\n

Alors que le Canada se pr\u00e9pare pour la l\u00e9galisation de la marijuana, l’ICE s’est tourn\u00e9e \u00e0 nos voisins vers le sud pour des exemples sur la fa\u00e7on dont les professionnels de l’\u00e9valuation se sont adapt\u00e9s dans les \u00e9tats o\u00f9 une loi semblable a \u00e9t\u00e9 adopt\u00e9e.<\/p>\n\n\n\n

Se trouver sur un site pour \u00e9valuer une installation de culture de la marijuana, vaste et tr\u00e8s s\u00e9curis\u00e9e, peut \u00eatre intimidant. Un de mes r\u00e9cents projets, une installation de culture de 60 000 pieds carr\u00e9s situ\u00e9e pr\u00e8s de Denver, Colorado, avait l\u2019apparence ext\u00e9rieure d\u2019un immeuble industriel mal entretenu et presque vacant, comme la plupart des installations de culture. Les propri\u00e9taires et les exploitants font en sorte qu\u2019elles passent inaper\u00e7ues, pour \u00e9viter d\u2019attirer inutilement l\u2019attention. L\u2019indice indiquant que quelque chose se passait dans ce b\u00e2timent \u00e9tait l\u2019\u00e9norme coffre de branchement situ\u00e9 sur le c\u00f4t\u00e9 et le nombre excessif d\u2019unit\u00e9s de refroidissement et de ventilation install\u00e9es sur le toit.<\/p>\n\n\n\n

Apr\u00e8s m\u2019\u00eatre identifi\u00e9, je suis entr\u00e9 par une porte d\u2019acier d\u2019armature. J\u2019ai constat\u00e9 que la moiti\u00e9 du b\u00e2timent \u00e9tait \u00e9quip\u00e9e pour faire une culture tr\u00e8s sophistiqu\u00e9e, alors que l\u2019autre moiti\u00e9 \u00e9tait d\u00e9labr\u00e9e. L\u2019espace de culture \u00e9tait si lumineux que je devais porter des verres fum\u00e9s pour voir quoi que ce soit.<\/p>\n\n\n\n

Plusieurs salles avaient les tout derniers syst\u00e8mes d\u2019\u00e9clairage, de fertilisation et de CVC. Les propri\u00e9taires avaient d\u00e9pens\u00e9 1,5 million $ de dollars afin de mettre \u00e0 niveau le b\u00e2timent pour l\u2019industrie de la marijuana, les am\u00e9liorations \u00e9lectriques \u00e0 elles seules  y compris six colonnes d\u2019alimentation requises par la compagnie locale de services publics  co\u00fbtant plus de 500 000 $.<\/p>\n\n\n\n

\u00c0 l\u2019int\u00e9rieur, je sentais qu\u2019on me regardait constamment  la s\u00e9curit\u00e9 \u00e9tait toujours pr\u00e9sente. J\u2019ai vu des milliers de plants, \u00e0 diff\u00e9rents stades de croissance, des tableaux blancs portant des notes de culture gribouill\u00e9es et une liste de noms rigolos donn\u00e9s \u00e0 toutes les salles.<\/p>\n\n\n\n

Dans une petite zone de fabrication et d\u2019assemblage, les employ\u00e9s manipulaient les plans de marijuana comme s\u2019ils confectionnaient des petits bijoux. Une douzaine de personnes assises \u00e0 des tables s\u00e9paraient les bourgeons des tiges avec des ciseaux, lan\u00e7ant les produits taill\u00e9s dans des bacs g\u00e9ants. Quand j\u2019ai travers\u00e9 la zone avec ma cam\u00e9ra et ma planchette \u00e0 pince, tous se sont arr\u00eat\u00e9s et m\u2019ont d\u00e9visag\u00e9; ces regards fixes sont chose courante lorsque j\u2019inspecte des exploitations de cannabis. J\u2019ai appris \u00e0 me comporter de fa\u00e7on calme et professionnelle et \u00e0 ne pas r\u00e9agir \u00e0 ce que je vois.<\/p>\n\n\n\n

De retour au bureau, j\u2019ai examin\u00e9 les dossiers de travail des \u00e9valuations que j\u2019avais effectu\u00e9es dans des biens immobiliers similaires, inspect\u00e9 mon stock de donn\u00e9es et mes analyses, recherch\u00e9 de nouvelles donn\u00e9es, puis fait des calculs  et encore d\u2019autres calculs. Quelques semaines et plusieurs centaines de pages plus tard, j\u2019avais un rapport avec quatre diff\u00e9rents sc\u00e9narios d\u2019\u00e9valuation et une opinion bien document\u00e9e sur la valeur.<\/p>\n\n\n\n

Ce client particulier m\u2019a pay\u00e9 par ch\u00e8que, ce qui est rare. D\u2019habitude, je suis pay\u00e9 en comptant lorsque j\u2019\u00e9value ces types de bien immobilier. C\u2019est \u00e9tonnant de sentir la diff\u00e9rence quand, pour payer vos honoraires d\u2019\u00e9valuation, on vous tend des billets de 20 $ et de 100 $. La plupart des transactions se font en comptant, parce que la loi f\u00e9d\u00e9rale des \u00c9tats-Unis interdit aux banques assur\u00e9es par la Federal Deposit Insurance Corp. de transiger avec l\u2019industrie de la marijuana, m\u00eame dans les 29 \u00c9tats, plus le District de Columbia, o\u00f9 la marijuana \u00e0 des fins m\u00e9dicales et(ou) r\u00e9cr\u00e9atives a \u00e9t\u00e9 l\u00e9galis\u00e9e.<\/p>\n\n\n\n

Degr\u00e9 de difficult\u00e9<\/p>\n\n\n\n

\u00c9valuer une installation de culture de la marijuana ou un dispensaire de marijuana est beaucoup plus difficile qu\u2019\u00e9valuer un bien immobilier standard, et il n\u2019est pas rare pour moi de passer trois fois plus de temps \u00e0 pr\u00e9parer des rapports pour ces biens immobiliers. L\u2019\u00e9valuation elle-m\u00eame est complexe, mais il est utile d\u2019avoir un excellent mod\u00e8le.<\/p>\n\n\n\n

Les biens immobiliers de culture sont uniques quant \u00e0 l\u2019am\u00e9nagement et au zonage. Dans plusieurs cas, les baux existants  avec leur langage impr\u00e9cis, confus ou fauss\u00e9  peuvent compliquer l\u2019\u00e9valuation, tout comme la question de ce qui constitue un bien immobilier par rapport \u00e0 un bien personnel.<\/p>\n\n\n\n

Les dispensaires peuvent \u00eatre un peu plus faciles \u00e0 \u00e9valuer, parce qu\u2019ils sont souvent am\u00e9nag\u00e9s pour la vente au d\u00e9tail. Mais les r\u00e8glements plus r\u00e9cents peuvent rendre plus difficile pour les locataires des dispensaires de changer d\u2019emplacement, alors ces contrats de service ne sont plus aussi simples qu\u2019ils l\u2019\u00e9taient auparavant.<\/p>\n\n\n\n

L\u2019absence de donn\u00e9es marchandes est probl\u00e9matique pour les deux types de bien immobilier. Bien s\u00fbr, il y a les ventes et les locations, mais celles-ci n\u2019apparaissent pas toujours dans les bases de donn\u00e9es commerciales et les parties sont moins susceptibles de fournir les d\u00e9tails des transactions. Les co\u00fbts d\u2019am\u00e9nagement peuvent varier consid\u00e9rablement d\u2019un bien immobilier \u00e0 l\u2019autre. Et la valeur d\u2019un bien immobilier pour l\u2019investisseur est diff\u00e9rente de la valeur pour le propri\u00e9taire-exploitant. L\u2019absence de financement disponible et d\u2019information sur les taux ajoute un niveau de difficult\u00e9, car les pr\u00eateurs assur\u00e9s par le f\u00e9d\u00e9ral n\u2019ont pas le droit de faire un pr\u00eat pour un bien immobilier utilis\u00e9 par l\u2019industrie de la marijuana.<\/p>\n\n\n\n

D\u00e9veloppement de carri\u00e8re<\/p>\n\n\n\n

\u00c0 ce stade-ci de ma carri\u00e8re d\u2019\u00e9valuateur des exploitations de cannabis, je poss\u00e8de des feuilles de calcul avanc\u00e9es et une solide connaissance des taux de location, des prix de vente, des co\u00fbts et des taux plafond. Mais je n\u2019ai pas planifi\u00e9 d\u2019en arriver l\u00e0.<\/p>\n\n\n\n

Mon premier contrat de service li\u00e9 \u00e0 la marijuana \u00e9tait un espace pour la vente au d\u00e9tail dans un bien immobilier \u00e0 plusieurs locataires qui \u00e9tait, sans que je le sache, un dispensaire de cannabis. Quand je m\u2019en suis rendu compte, j\u2019aurais pu refuser d\u2019ex\u00e9cuter le contrat de service, mais j\u2019ai plut\u00f4t indiqu\u00e9 mes honoraires et je me suis pr\u00e9sent\u00e9 pour faire le travail. L\u2019espace \u00e9tait relativement petit et le taux de location correspondait au march\u00e9, alors mon entr\u00e9e dans le secteur n\u2019\u00e9tait pas tr\u00e8s risqu\u00e9e.<\/p>\n\n\n\n

Par la suite, j\u2019ai \u00e9valu\u00e9 plusieurs autres dispensaires. Mais le secteur semblait se diriger vers une bulle et je craignais qu\u2019on puisse me pointer du doigt si elle \u00e9clatait. Pensant que \u00e7a ne valait pas le risque, j\u2019ai refus\u00e9 les contrats de service subs\u00e9quents.<\/p>\n\n\n\n

Mais la bulle n\u2019a pas \u00e9clat\u00e9. Les dispensaires ont pouss\u00e9 comme des champignons un peu partout et j\u2019ai vu comment le cannabis influen\u00e7ait le secteur immobilier industriel. Je ne pouvais pas \u00e9viter ce travail plus longtemps  et il y avait beaucoup de travail que j\u2019aurais pu faire  alors, apr\u00e8s deux ans d\u2019absence, je suis retourn\u00e9 \u00e0 ces \u00e9valuations.<\/p>\n\n\n\n

J\u2019ai \u00e9valu\u00e9 \u00e0 peu pr\u00e8s tous les types de dispensaire de vente au d\u00e9tail, incluant des biens immobiliers autoportants, des dispensaires dans des plus grands centres de vente, des dispensaires de haut de gamme dans des quartiers luxueux de la ville, de petits dispensaires dans des maisons converties et des dispensaires bient\u00f4t am\u00e9nag\u00e9s dans des biens immobiliers d\u00e9cr\u00e9pis qui avaient \u00e9t\u00e9 r\u00e9nov\u00e9s. J\u2019ai \u00e9valu\u00e9 des petites et des grandes exploitations de culture, des laboratoires de test du cannabis et des terrains associ\u00e9s \u00e0 l\u2019industrie.<\/p>\n\n\n\n

Forte demande<\/p>\n\n\n\n

\u00c0 Denver, le cannabis a men\u00e9 l\u2019immobilier r\u00e9sidentiel et industriel \u00e0 des sommets historiques. La moyenne demand\u00e9e pour le taux de location industriel a bondi de 48 % en un peu plus de quatre ans. De son c\u00f4t\u00e9, le taux d\u2019inoccupation est pass\u00e9 de plus de 8 % en 2009 \u00e0 moins de 2 % en 2015. De m\u00eame, l\u2019immobilier r\u00e9sidentiel a connu une tr\u00e8s forte croissance dans la r\u00e9gion m\u00e9tropolitaine. (Les \u00e9lecteurs du Colorado ont adopt\u00e9 l\u2019Amendement 64 l\u00e9galisant l\u2019usage r\u00e9cr\u00e9atif de la marijuana en 2012, qui est entr\u00e9 en vigueur en 2014.)<\/p>\n\n\n\n

Malheureusement, les utilisateurs industriels standards doivent concurrencer l\u2019industrie de la marijuana riche en capitaux pour presque tous les types d\u2019espace, alors que la quantit\u00e9 d\u2019espace disponible diminue en raison du domaine \u00e9minent li\u00e9 \u00e0 l\u2019expansion du train l\u00e9ger, au complexe National Western Stock Show et aux premi\u00e8res phases d\u2019acquisition li\u00e9es \u00e0 l\u2019expansion de l\u2019Interstate 70. On construit de nouveaux b\u00e2timents suite \u00e0 la demande d\u2019espace, aux taux plafond qui diminuent, de m\u00eame qu\u2019aux taux de location et aux prix de vente qui augmentent.<\/p>\n\n\n\n

Je ne pr\u00e9tends pas que les taux de location \u00e9lev\u00e9s et d\u2019inoccupation faibles dans la r\u00e9gion soient dus seulement \u00e0 l\u2019industrie de la marijuana. D\u2019autres facteurs incluent un meilleur climat \u00e9conomique, des taux d\u2019emploi \u00e9lev\u00e9s et des augmentations de la population. Cependant, le cannabis joue sans aucun doute un r\u00f4le important et la l\u00e9galisation de la marijuana au Colorado a beaucoup stimul\u00e9 l\u2019\u00e9conomie des localit\u00e9s et de l\u2019\u00c9tat lui-m\u00eame.<\/p>\n\n\n\n

Qu\u2019est-ce qui nous attend ? L\u2019avenir demeure n\u00e9buleux. Les r\u00e8glements f\u00e9d\u00e9raux des \u00c9tats-Unis pourraient avoir une incidence n\u00e9gative sur l\u2019usage de la marijuana ou, au contraire, aider \u00e0 le stabiliser. Le march\u00e9 pourrait chuter. Toutefois, je vois une bonne demande pour le produit, alors je crois que l\u2019industrie de la marijuana en est encore \u00e0 ses premiers pas. Son effet continu sur l\u2019immobilier pourrait renforcer de fa\u00e7on spectaculaire ces divers secteurs : soins de sant\u00e9, h\u00f4tellerie, divertissement, restauration, et habitation, m\u00eame les services li\u00e9s \u00e0 la croissance comme les analyses, la s\u00fbret\u00e9 et la s\u00e9curit\u00e9.<\/p>\n\n\n\n

ijuana grow facility can be daunting. One of my recent projects, a 60,000-square-foot grow facility near Denver, Colorado looked on the outside to be a poorly maintained and nearly vacant industrial building, as most grow facilities do. They are purposefully inconspicuous because the owners and operators do not want to attract undue attention. The giveaway that something was going on at this building was the huge power panel on one side and an excessive number of roof-mounted cooling and ventilation units.<\/p>\n\n\n\n

After showing my identification and gaining entrance through a reinforced steel door, I saw that half the building was outfitted for very sophisticated grow use, while the other half remained dilapidated. The grow space was so bright that I had to wear sunglasses to see anything.<\/p>\n\n\n\n

Many rooms had the newest lighting, fertilization and HVAC systems. The owners had spent $1.5 million upgrading the building for the marijuana industry, with electrical upgrades alone \u2013 including six power poles required by the local utility company \u2013 costing more than $500,000.<\/p>\n\n\n\n

Inside, I felt eyes on me wherever I went \u2013 security was ever-present. I saw thousands of plants in different stages of growth, whiteboards with cultivation notes scribbled on them, and a list of funny names given to all the rooms.<\/p>\n\n\n\n

In a small manufacturing\/assembly area, employees worked on marijuana plants as if they were assembling little trinkets. A dozen or so people with scissors were sitting at tables and taking the buds off the stems, tossing the trimmed product into giant bins. As I walked past with my camera and clipboard, they stopped and stared; such stares are common whenever I inspect cannabis operations. I have learned to act cool and professional and not to react to anything I see.<\/p>\n\n\n\n

Back at the office, I sifted through work files of appraisals I had performed on similar properties, looked through my stockpiled data and analyses, researched new data, and performed calculations \u2013 and then more calculations. A few weeks and several hundred pages later, I had a report with four different valuation scenarios and a well-supported opinion of value.<\/p>\n\n\n\n

This particular client paid me with a cheque, which is rare. Typically, I am paid in cash when I appraise these types of properties. It is amazing how different your appraisal fee feels when it is handed over in $20 and $100 bills. Most transactions are in cash because federal law in the United States prohibits banks insured by the Federal Deposit Insurance Corp. from being involved in the marijuana industry, even in the 29 states plus the District of Columbia where medical and\/or recreational marijuana has been legalized.<\/p>\n\n\n\n

Degree of difficulty<\/p>\n\n\n\n

Appraising a marijuana grow facility or a dispensary is considerably more difficult than appraising a standard property, and it is not unusual for me to spend three times as long to complete reports for these properties. The valuation itself is complicated, but it helps to have a great template.<\/p>\n\n\n\n

Grow properties are unique in terms of build-out and zoning. In a lot of cases, the existing leases \u2013 with imprecise, confusing or misleading language \u2013 can complicate the valuation, as does the issue of what constitutes real estate and what constitutes personal property.<\/p>\n\n\n\n

Dispensaries can be a little easier to appraise because they often have a typical retail build-out. But newer regulations can make it difficult for dispensary tenants to change locations, so these assignments are not as straightforward as they once were.<\/p>\n\n\n\n

The lack of market data is one challenge for both property types. There are, of course, sales and leases, but they do not consistently show up in commercial databases, and parties are less likely to provide transaction details. Build-out costs can vary substantially between properties. And the value of a property to an investor is different from the value to an owner-user. The lack of available financing and rates information also adds a level of difficulty because federally insured lenders are prohibited from lending on a property used for the marijuana industry.<\/p>\n\n\n\n

Career growth<\/p>\n\n\n\n

At this point in my cannabis appraising career, I have advanced spreadsheets and a firm grasp on rental rates, sale prices, cost and cap rates. But getting to this point was not planned.<\/p>\n\n\n\n

My first marijuana-related assignment was a retail space within a multi-tenant property that was, unbeknown to me, a cannabis dispensary. Once I found out, I could have turned down the assignment, but instead I stated my fee and showed up to perform the work. The space was relatively small and the lease rate was at-market, so my entry into the sector was relatively low-risk.<\/p>\n\n\n\n

After that, I appraised several more dispensaries. But the sector appeared headed for a bubble, and I was worried about the potential finger-pointing if it burst. I decided it was not worth the risk and turned down subsequent assignments.<\/p>\n\n\n\n

But the bubble did not burst. Dispensaries popped up everywhere, and I saw how cannabis was influencing the industrial real estate sector. I could not avoid the work any longer \u2013 and there was a lot of work I was missing out on \u2013 so, after a couple of years away, I went back to these jobs.<\/p>\n\n\n\n

I have worked on just about every type of retail dispensary, including freestanding properties, those in larger retail centres, high-end dispensaries in expensive parts of town, small dispensaries in converted houses, and soon-to-be dispensaries taking over dilapidated properties.
I have appraised small and large grow operations, cannabis testing laboratories, and land related to the industry.<\/p>\n\n\n\n

High demand<\/p>\n\n\n\n

In Denver, cannabis has driven residential and industrial real estate to all-time highs. The average asking industrial rental rate in Denver rose 48% in a little over four years. The vacancy rate dropped from more than 8% in 2009 to less than 2% in 2015. Similarly, residential real estate throughout the metro area has experienced enormous growth. (Colorado voters passed Amendment 64 legalizing the recreational use of marijuana in 2012, with implementation beginning in 2014.)<\/p>\n\n\n\n

Unfortunately, standard industrial users must compete with the cash-heavy marijuana industry for practically all types of space, and the amount of available space is shrinking because of eminent domain related to the light rail expansion, the National Western Stock Show complex and early-stage acquisitions related to expansion of Interstate 70. New construction is up, spurred by a demand for space, a decline in cap rates, and an increase in rental rates and sale prices.<\/p>\n\n\n\n

I am not claiming that the area\u2019s high rents and low vacancy are solely the result of the marijuana industry. Other factors include an improved economic climate, high employment rates, and population increases. However, cannabis undoubtedly plays a significant role, and Colorado\u2019s legalization of marijuana has been a boon to the local and state economies.<\/p>\n\n\n\n

What is next? The future remains unclear. Federal regulations in the US could negatively impact the use of marijuana or help stabilize it. The market could dip. However, I see strong demand for the product, so I think the marijuana industry is in its infancy. Its continuing effect on real estate could dramatically bolster the health care, hospitality, entertainment, restaurant and residential sectors, and even grow-related services such as testing, safety and security.                                                              <\/p>\n","protected":false},"excerpt":{"rendered":"

An appraiser from Colorado talks about how increasing acceptance and legalization of marijuana are changing the real estate landscape \u00a92017 Reprinted with permission from the<\/p>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_lmt_disableupdate":"","_lmt_disable":""},"article_author":[],"article_tag":[2524,2525,1871,2526,2527,2528,1873,2529,2530,1875,2531],"class_list":["post-55393","article","type-article","status-publish","hentry","article_tag-appraisal-fr","article_tag-cannabis-fr","article_tag-commercial-fr","article_tag-dispensary-fr","article_tag-grow-facility-fr","article_tag-growth-industry-fr","article_tag-industrial-fr","article_tag-legalization-of-marijuana-fr","article_tag-rental-rate-fr","article_tag-retail-fr","article_tag-valuation-fr"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.aicanada.ca\/fr\/wp-json\/wp\/v2\/article\/55393","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.aicanada.ca\/fr\/wp-json\/wp\/v2\/article"}],"about":[{"href":"https:\/\/www.aicanada.ca\/fr\/wp-json\/wp\/v2\/types\/article"}],"wp:attachment":[{"href":"https:\/\/www.aicanada.ca\/fr\/wp-json\/wp\/v2\/media?parent=55393"}],"wp:term":[{"taxonomy":"article_author","embeddable":true,"href":"https:\/\/www.aicanada.ca\/fr\/wp-json\/wp\/v2\/article_author?post=55393"},{"taxonomy":"article_tag","embeddable":true,"href":"https:\/\/www.aicanada.ca\/fr\/wp-json\/wp\/v2\/article_tag?post=55393"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}