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Saskatoon Office Market Report Q4 2023

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research article

Saskatoon’s office market showed stability in Q4, due in part to a strong and growing local economy. The market continues to be favorable for tenants, particularly in the downtown core, where high vacancies persist in older stock buildings.

  • Net asking rents experienced a quarter-over-quarter decline of 3.3% in Q4 and are currently sitting at a citywide average of $19.83 per square foot. Despite the drop in Q3, average net rents have remained relatively stable, year-over-year.
  • The overall vacancy rate saw a slight quarterly increase of 10 basis points in Q4, due in part to the completion of a 41,000 square foot Class A medical office building in the Suburban market.
  • Absorption turned positive in Q4, primarily driven by full occupancies of newer builds in the Downtown market.
  • To increase occupancy levels in the Downtown market, some landlords continue to offer tenant incentives such as below-market net rental rates and reduced parking costs. Tenants across the city continue to favour fixtured spaces, driven by the persistent high costs of construction.

Saskatoon Office Market Report Q4 2023

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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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