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Saskatoon Industrial Market Report Q3 2023

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research article

The industrial market in Saskatoon continued to demonstrate robust performance in Q3, as vacancy rates declined and asking rental rates remained steady throughout the city.

  • The average asking net rent has remained stable between Q1 and Q3 2023, experiencing only minute changes quarter-over-quarter. The slight uptick in Q3 asking rents can be attributed mainly to high rates set by newly constructed properties.
  • Positive absorption of over 100,000 square feet was recorded in Q3, largely due to full occupancy of recently completed buildings within the Marquis Industrial Market.
  • High construction costs and rising interest rates have also begun to constrain the supply of speculative industrial developments in Saskatoon. Owner-user new builds and expansions are now driving most new developments within the city.
  • The current economic climate has significantly influenced the sales volume within Saskatoon. Commercial sales activity across the Greater Saskatoon Region experienced a noteworthy decline of roughly 40% year-to-date compared to the same period in 2022. In contrast, the average asking price for sales of industrial properties increased 5.7% year-over-year.

 


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Saskatoon Industrial Market Report Q3 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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