Overall vacancy in the Saskatoon office market increased from 15.8% in Q4 2020 to 16.3% in Q4 2021 due to downtown market conditions albeit offset by a strong suburban office market. The downtown office market, on the other hand, has experienced a slight increase in vacancy this quarter.
The development at River Landing has been tenanting much more quickly than expected with the East Tower being 87% leased, while only two floors of available space remain at Nutrien Tower. Once River Landing is fully tenanted, we expect to see movement within the remaining buildings as tenants can upgrade their current space to an appropriate quality building with updated amenities in the Central Business District.
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