Vendasta Secures New Downtown Office with Help of Colliers
October 3, 2019 (Saskatoon, CANADA) – Vendasta will remain in Saskatoon’s downtown following advisement from Colliers International to secure a long-term lease of 38,500 square feet at Saskatoon Square.
The rapidly expanding software company will occupy four floors of the 17-storey building on the northeast corner of 22nd Street East and 4th Avenue North. Occupancy is scheduled in stages beginning October 2019 and ending before October 2021.
“We could not be more pleased than to be part of the Vendasta story,” says Lisa Oberding, Associate Vice President with Colliers International and lead of the transaction process with colleague Andrew Welham. “Serving the needs of Vendasta while working with the real estate community has been a very engaging process and we are happy to see success achieved on all fronts. Our analysis and market data were instrumental throughout the process. We want to sincerely congratulate Vendasta while also thanking the City for its efforts to retain a world-class organization.”
New Space Will Accommodate Expanding Team
Vendasta raised $40 million in growth funding in late July and plans to grow to 650 people in the next three years. More than 80 of its 325 current team members will move from the present downtown headquarters to Saskatoon Square this fall, with the remaining employees migrating as renovations are complete. The building is expected to be renamed Vendasta Square once all teams are moved in, slated for Fall 2021.
Currently, the company is situated in the historic Avenue Building at 3rd Avenue South and 21st Street East, within view of its new headquarters.
“We are definitely pleased with the final outcome,” said Richard Cheung, CFO of Vendasta. “Not only does this building meet our current needs, but it provides us with the flexibility to grow into additional floors as the business continues to scale.”
“The City of Saskatoon’s vision for Downtown helped make our decision truly feel like the right one, and Colliers International delivered the product we need to be successful. This sets us up to continue our trajectory as one of Canada’s fastest growing companies, while remaining in Saskatoon,” he said.
“Vendasta’s decision to stay and grow in the downtown is a great one for our city,” said Saskatoon Mayor Charlie Clark. “As our tech community continues to explode, we have tremendous potential to create a tech hub in the downtown, complemented by great restaurants, new residential towers, and other attractions. This will make the downtown strong into the future.”
Colliers Forecasts High Rate of Office Vacancies
The Saskatoon office market has been in a state of flux for some time and is predicted to stay that way for years to come, according to market research reports released by Colliers. Several properties, including a portion of the River Landing project, Saskatoon Square, Princeton Tower and River Quarry have raised the vacancy in Saskatoon to 12.4% overall and 13.1% in the downtown Central Business District (CBD). Tenant relocation and repositioning, along with property redevelopment, is expected to be the norm into the foreseeable future.
“The move by Vendasta to remain in Saskatoon’s CBD speaks volumes to the confidence it has in its product, its people and the stakeholders it interacts with in the City of Saskatoon,” said Oberding.
Vendasta is a software company that builds a platform for helping local businesses with their digital needs. Sold exclusively through channel partners — including agencies, broadcasters, publishers, banks, telecoms, and more — the Vendasta platform enables sales professionals to brand it as their own and provide re-sellable products and services to local businesses around the world. Vendasta has been named one of the 50 fastest growing technology companies in Canada and one of the top 500 fastest growing companies in North America by Deloitte. It has also been listed on Canadian Business Magazine’s Growth 500 for three consecutive years. For more information, visit www.vendasta.com.