Ongoing expansion in our Saskatoon commercial retail sector has resulted in the overall supply exceeding demand.
Our 3Q19 retail market update reports the average vacancy rate has edged up to 4.6 per cent.
Let’s look at where that expansion is taking place and the market locations where the most interesting vacancy story can be told.
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The City of Saskatoon has tabled their epic discussion on a two-year budget for 2020/2021.
While the preliminary budget released this summer projected a 3.97 per cent property tax increase overall, we can all breathe a sigh of relief because it will only be 3.7 per cent.
Wait, what the heck?! That’s still a lot!
This is not good news for anyone, especially commercial property owners who already carry a greater tax load than their residential counterparts.
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It seems like just yesterday that Justin Trudeau shocked Westerners with a decisive victory in the 2015 federal election.
However, it’s been a brisk four years and now everyone’s hitched back up on the old campaign trail.
As is the season, all parties are setting their plans forward for Canadians should they get a chance to lead.
I may have to read between the lines a little, but is there anything in these election promises for the commercial real estate industry?
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There is much discussion taking place regarding the increasing challenges we face in Saskatoon’s city core.
I see little written about it.
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Our Lady of Paris, the literal translation for Notre-Dame de Paris, has received an outpouring of public sympathy following a devastating fire last week.
Having seen Notre-Dame in person I can tell you it’s something to marvel.
The full cost of the fire is still being tallied but I’m not sure you can put a price on something that is nearly irreplaceable.
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In a city projecting another deficit year, it might seem strange that Mayor Charlie Clark has decided to lay down a mandate for a new downtown rink.
But Clark has recently declared that a site for the new arena will need to be chosen before the end of 2019.
What’s the big rush?
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Last week, Saskatchewan’s Minister of Finance Donna Harpauer released her second budget, which projects a $34.4-million surplus for 2019.
Thinking selfishly, I wondered: how does this budget impact commercial real estate sale investment in our province?
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I purchased my second single family home in 1979. It was located at the end of a quiet cul-de-sac in a good neighborhood.
The downside was it backed onto a retail strip mall. That wasn’t a concern for me however because everything within that retail corridor was one storey.
Within a year of owning the home, it was announced that a five-storey office building would be constructed overlooking my rear yard.
I immediately sold the property.
Even though the project was public knowledge, I believed it would be easier to sell before it could be seen that the windows in that towering structure would have a full view of my yard.
From that early, first hand experience I can relate to homeowners that are suddenly faced with a project that significantly impacts the value of their home.
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The Regina Leader-Post published an article in 2008 with Stu Rathwell, a franchise partner in the new Regina’s Chili’s Grill and & Bar.
Stu shared that his Saskatoon location would be open by that year’s end.
His optimism about the Chili’s brand was hopeful; if things took off as he was hoping, he predicted people could expect to see several more open across the province.
Fast forward to 2019.
If you happened upon Saskatoon’s Preston Crossing the last week of February, you may have caught sight of Stu’s dream deflating right before your eyes.
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Entrepreneurs Louis and Shaol Pozez could not anticipate 63 years ago that the demise of their discount shoe business would be taken down by a network of computers
This isn’t a story from the rejected piles of Terminator franchise spinoffs; this is a reality.
The Pozez’ conception that grew into Payless ShoeSource brick and mortar stores across the U.S. and Canada are officially shuttering.
Their disregard for advancing online sales, in addition to highly leveraged assets, proved fatal.
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