Now here’s a headline we haven’t seen in a while. Saskatoon is experiencing a full-on building boom of premium office space. To a degree, this is stating the obvious for anyone who has been in the Bridge City’s downtown core lately. But, it is one of those things that just hasn’t been articulated.
And it comes from Richard Jankowksi, the managing director of Colliers International offices in the province. His comment comes with the release today of the latest market update on the office market in the province’s largest city.
Even though the River Landing project is still under construction, it is already changing the marketplace for commercial office space. Rents are going up as rates are being set by tenants planning to occupy the new space. 60-percent of the first tower, expected to be completed later this year, is already leased.
A couple other projects were completed in the second quarter, giving the market half a million square feet of office space still under construction which will add 12-percent to the overall volume in the city.
Image source: Triovest Realty Advisers Inc.