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Saskatoon Office Market Report Q4 2022

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research article

Office rental rates across Saskatoon decreased slightly in Q4, driven largely by the continued high vacancy rate in the downtown core. Between Q3 and Q4, net asking rental rates declined 11% and 2.5% for the Downtown and Suburban markets, respectively.

  • An emerging trend in the Downtown market has seen landlords preferring full building occupancy in place of higher lease rates, while tenants have increasingly shown preferences for relocating to spaces in high-rise towers over renewing leases in low-rise buildings – a trend that began earlier in 2022.
  • The Suburban market is proving to be healthier in general, with vacancy rates sitting at 7.1%, compared to 18.4% in the Downtown market.
  • Saskatoon City Council recently approved the location of a new downtown arena, set to be built on the current site of a surface parking lot, north of Midtown Plaza. The arena, in conjunction with the construction of a new central Library and plans for a rapid transit bus system, is bringing future optimism for a revitalization of the downtown core over the next decade.

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Saskatoon Office Market Report Q4 2022

Télécharger le rapport
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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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