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Saskatoon Office Market Report Q2 2023

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research article

Saskatoon’s Downtown office market continues to favour tenants in Q2, as vacancy rates remain high and landlords grapple with surplus space. The Suburban market continues to perform well, attracting tenants with high quality of product and unique amenities.

  • The Downtown vacancy rate currently sits at 18.6%, an increase of 140 basis points over Q1 2023. The Suburban market performed better over the past quarter, with vacancy rates holding at 7% quarter-over-quarter.
  • Despite high vacancy rates, rents in the Downtown market remain relatively stable. The average asking net rent in the Downtown market was $20.09 per square foot in Q2, marking a 0.9% decrease from Q1. The Suburban market experienced a quarterly increase of 3.4% in Q2, with the current average asking net rate sitting at $18.88 per square foot.
  • Elevated construction costs continue to have a restricting influence on the office market – both in terms of developments and tenant behaviors. Tenants citywide are showing preferences for either renewing their current leases or moving into built-out spaces, due to escalation of costs and delays in construction.

Saskatoon Office Market Report Q2 2023

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Pour plus d’informations, veuillez contacter:

Richard Jankowski

Managing Director | Saskatchewan Brokerage


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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