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Colliers Saskatoon Retail Market Report 2023 Q4

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research article

Saskatoon’s retail market remained steady throughout 2023, despite a persistently high inflation rate.

  • The citywide vacancy rate fell to 2.8% in Q4 2023, marking a decline of 20 basis points year-over-year (YoY).
  • Yearly absorption rose to 86,000 square feet, primarily driven by fully leased new builds and new owner-user builds.
  • Net asking rents observed a 3.2% YoY increase across the city, reaching $25.47 in Q4 2023. Operating costs are expected to contribute to the rise of gross rents in the coming years, due to increasing infrastructure charges and property taxes.
  • The Saskatchewan retail market has demonstrated resilience in recent years, due in part to businesses leveraging the Canada Emergency Benefit Account (CEBA) loans initiated during the pandemic. Looking to the year ahead, the strength of the retail market will be put to the test with the deadline for loan repayments scheduled for January 18th, 2024.

Colliers Saskatoon Retail Market Report 2023 Q4

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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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