Saskatoon office market suddenly grows after decade of decline

The office market in Saskatoon has made a “sudden and significant” turnaround following a decade of decline, according to a new report from Colliers International.

The growth has been taking place since last year and peaked in the second quarter of 2015 when Saskatoon’s downtown office vacancy had increased by more than 50,000 square feet, resulting in 365,000 square feet of vacant space and accounting for a 14.8 per cent vacancy rate.

“We began to see a rise in vacancy last year and, unfortunately for our downtown, this trend has continued into 2015,” said Tom McClocklin, president and managing director of Colliers in Saskatchewan.

“However, it is important to remember that given the small overall size of the market, a single tenant leaving can have a significant impact on our vacancy number. So while some small firms have left, our key downtown tenants are still committed to large amounts of space.”

The suburban office market in Saskatoon has experienced significant growth over the last five years, with an additional 70,000 square feet of inventory coming to market so far in 2015. With an additional 70,000 square feet expected to come online by the end of the year, the current vacancy rate of 13.49 per cent should increase in the short term.

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