- By the middle of 2018 Regina’s downtown office vacancy rate has fallen to 10.72%, the lowest rate since 2014. Nevertheless, Regina’s downtown market remains beleaguered by low tenant demand and excess supply.
- Downtown posted rates across Class A – C space ranges from mid $30.00 to as low as $12.00, even single digits as landlords attempt to fill their space.
- In 2018 the office sales market has been somewhat quieter than in 2017. Dream Office REIT divested of the TD Bank Building as Kandola Ventures of Vancouver purchased the 8 commercial floors at rate of $197 per square foot. Elsewhere Mitchell Developments sold the Cornwall Professional Building to Mertz (MJ) Holdings for $183 per square foot.
- Over the last 4 years Regina’s suburban office market has remained relatively static. With increasingly proactive downtown landlords, suburban landlords will need to continue to compete and can no longer merely rely upon parking ratios and access to attract tenants.
- Suburban rates across the Classes range from $25.00 to $14.06 while the vacancy rate is now 11.30% down from 13.53% six months ago