There has been movement in the Saskatoon office market this quarter with vacancy declining to 15.1% from 17.2% in the first quarter of 2022.
- A new trend in the downtown office market is in the preference of high- versus mid-rise properties by tenants. When comparing similar properties, with respect to parking, building fixtures, and net rates, tenants are opting for high-rise office space with a view of the central business district and surrounding area.
- Despite inflation sitting at a 30-year high, partially in response to supply-driven oil and commodity prices, the economy continues to strengthen as the overall health situation improves. There is a high degree of uncertainty as to what impact inflation will have on purchasing power and, in turn, on the Saskatoon commercial real estate market.