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Regina Office Market Report Q2 2023

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research article

Regina’s office market continues to adapt to challenging market conditions as landlords compete to fill excess vacancy in the downtown and suburban submarkets. The market remains favourable for tenants who are benefiting from high incentives and competitive rental rates. Space and footprint requirements are major considerations as businesses re-evaluate their company needs for an ever-adapting workplace and post-COVID environment.

  • Overall, vacancy rates have dropped substantially quarter over quarter, as well as year over year. However, as businesses re-evaluate their space needs for the near and distant future, vacancy rates are expected to increase.
  • Similar to vacancy rates, rental rates have dropped across both submarkets. Average asking rental rates for Downtown space sit at $14.93 per square foot and Suburban rates are $11.78 per square foot. The overall market averages $14.50 per square foot for asking net rent.
  • Landlords are expected to continue engaging with their tenants with the shared goal of space retention as hybrid, co-working and work-from-home office occupancy models further challenge accelerated absorption for the foreseeable future.

Regina Office Market Report Q2 2023

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Richard Jankowski

Managing Director | Saskatchewan Brokerage

Saskatoon

As Managing Director of Saskatchewan Brokerage operations, Richard's focus is on creating and executing growth strategies through business development and service excellence. In this role, he provides leadership and professional development to the Saskatchewan brokerage teams located in Saskatoon and Regina. Richard has extensive experience in various aspects of commercial and industrial development, commercial real estate operations, project and asset management, and human resource administration. He joined Colliers International after prior roles as a General Manager at Viterra, Chief Operating Officer at FarmPure Foods and most recently, as Managing Director at Avison Young where he spent the past 11 years.

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Adam Jacobs

Head of Research | Canada

Toronto Downtown

Colliers Canada's head of research, leading a cross-country team of 20 mapping, analytics and research professionals. Formerly head of Canada research at Cushman Wakefield and Director of Analytics at Oxford Properties. Featured in mainstream publications such as the Toronto Star, industry publications and podcasts. Specializing in the big picture and the fundamentals driving real estate - demographics, the macro environment and the global economy. 

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