The market is relatively small though: “A single tenant leaving can have a significant impact on our vacancy number. While some small firms have left, our key downtown tenants are still committed to large amounts of space, and many are using this opportunity to expand or upgrade their offices,” says Tom McClocklin, president of Colliers Saskatchewan.
While the CBD has suffered from the downturn in the energy and mining industries, the suburban market is buoyant in the region. The vacancy rate is still high at 15 per cent but there has been new inventory and tenants have moved into high-quality new space, leaving some large older buildings empty.
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The office market in Saskatoon has seen a sharp surge in vacancies over recent years. Colliers International Canada reports that in 2011 the central business district was near-full at a vacancy rate of just 2 per cent, by the end of 2015 it was 14 per cent and could hit 20 per cent during 2016.