Despite patting ourselves on the back for flattening the curve in Saskatchewan, we flatlanders are not out of the woods yet.
In the anticipated build up to employees returning to their traditional workspaces, stringent protocols will be in place for office users in particular.
A return to our previous normal practice seems a long time away and some speculators predict the Covid-19 pandemic will change office interaction permanently.
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Last week Saskatchewan Premier Scott Moe announced a phased in plan to reopen the province for business in the wake of Covid-19.
While some people are saying it is too soon, most agree that it has been long enough.
So how will this unfold for commercial real estate tenants?
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I’m grateful that despite the new challenges many of us are currently encountering in this remarkable new world, I’m doing well.
However, that would not always have been the case in my past.
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It is certainly weird times out there right now.
With no one able to predict how long this will last, it is imperative that we remember to support local business as they’ll be struggling along with the rest of us.
But how can I support local business if I can’t leave my house?
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As the impact of COVID-19 is felt across this country and continues to evolve, we want you to know that ICR’s Emergency Response Team is focusing on prevention strategies, ensuring appropriate responses as the situation develops. The current risk to the individual may appear to be low, however the risk to society is immeasurable. We are discussing preventative measures to limit the exposure of our staff to the virus and business continuity plans.
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Megatrends are often described as powerful and transformational forces that can change economy, business and society over the course of centuries.
Obvious examples of this would be the use of electricity, the creation of the automobile and in the most recent past, the adoption of the Internet.
We follow quarterly and annual trends in our markets, but what are some of the megatrends being predicted for our economy as they may affect commercial real estate specifically?
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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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