Despite remaining one of the strongest performing commercial real estate assets, Saskatoon’s retail market is not immune to prevalent economic factors in the province and Saskatoon is now experiencing a modest rise in retail vacancy.
- In 2017, 250,000 square feet of inventory completed development; more than half of which accounts for Phase V of Preston Crossing.
- Despite significant leasing activity in new retail developments, the closure of Sears and Wholesale Sport increased the vacancy rate from 4.3 percent in 2016 to 4.55 percent in 2017.
- The impeding legalization of marijuana has encouraged a variety of distributors ranging from small start-ups to major national organizations to establish locations throughout the City.
- Saskatoon and area has garnered national attention in recent years for its phenomenal growth, but this growth is tapering substantially over the short-term as new residential areas are slower to sell.