Expansion Of Office Market From Central Downtown

Saskatoon has a healthy vibrant office market. However, it is a trend away from the downtown core, which is farther away.  From what Colliers International reported, the markets in Prairies are still struggling and trying to keep their head above water as the price of commodities lower down. The rate of vacancy in the central business districts shows up as 14 percent in Edmonton, 15 per cent in Regina and 22 percent in as it continues to increase. Things in Saskatoon remain stable, with no problems at all.

The rate of rented space in the city went down and declined over time but the rate of vacancy for this year has been regulated close to 16 percent. The rate for the outskirt of the city’s core has plummeted by one percentage point. Nevertheless, it came at a cost. The reason being that the ancient unit in the suburban areas is being rented out for a little amount of $10 per square foot.

The president and managing director of Colliers International Saskatchewan commented saying: “Much of the vacant space we are seeing is the result of firms reducing their footprints or closing due to funding cuts. Although there has been a shift to suburban areas, the vast majority of downtown tenants continue to renew their spaces under more favorable circumstances.”