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Saskatoon Industrial Market Report Q1 2023

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research article

Saskatoon led the country in GDP growth in 2022, largely due to strong demand for agricultural exports, investment growth, and high commodity prices for potash and oil – further driving the demand for industrial inventory within the region.

  • Negative absorption was recorded in Q1, the result of vacancies in newly constructed speculative builds in Marquis Industrial, as well as existing mid-size warehouse vacancies in other submarkets.
  • Average asking net rents increased slightly to $11.58 per square foot in Q1 2023, marking a 1% increase from Q4 2022 and a 9.3% increase, year-over-year. The combination of high demand for space, low vacancy rates, high costs of construction, and increased cost of borrowing, all contributed to rent increases in Q1 2023.
  • Rapid increases in interest rates had a significant effect on the volume of industrial sales mid-way through 2022. The latter half of the year saw a 43% reduction in the number of closed sales, as buyers struggled to secure financing. Despite the reduction in sales volume, sales prices increased by over 20% throughout the year. Average asking sales price in Saskatoon is currently $165 per square foot.

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Saskatoon Industrial Market Report Q1 2023

Télécharger le rapport
Pour plus d’informations, veuillez contacter:

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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