After reaching a record high vacancy rate of 10.3 per cent in 2016, the multi-family sector has rebounded.
The latest CMHC report, which was just released, indicates as of Oct 2019 that rate dropped to 5.7 per cent. That’s a significant decrease in just three years, 4.6 per cent to be exact, despite a rising supply of new rental units.
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There is definitely a trend in the commercial real estate industry to open office concepts.
There are a number of reasons why it works for some office users, but it may not make sense for everyone.
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I promised you that I’d hold myself accountable in my Jan 2019 post and report back to you.
So, how did I do? At that time, I predicted a decline in the overall Saskatoon Industrial vacancy rate from 6.8 per cent to 6 per cent.
That’s after a significant 2 per cent decline in 2018 and a 0.9 per cent decline to 6.8 per cent in 2019.
I’ve never professed to be a psychic, but I think looking over the trends of the past year I can safely make a few bets on the commercial real estate market for Saskatoon in 2020.
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Christmas is a time to reflect and appreciate all the good things that happened over the past year.
Commercial real estate agents are no different.
And as such, I submit to you the greatest gifts tenants, landlords, buyers and sellers gave me in 2019.
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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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The overall Saskatoon vacancy rate has been trending lower since its peak in 2016. Our Q319 Industrial Market survey reports an overall current vacancy rate of 6.04 per cent.
That one number does not, however, reveal the complete story.
I consider a rate under 5 per cent to reflect a relatively balanced market.
How close are the eight submarkets to regaining balance?
Here’s an overview along with the factors that are important to consider surrounding that question.
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Canadians have never been more in love with household pets.
According to the latest statistics from the Canadian Animal Health Institute (CAHI), there are 8.2 million dogs and 8.3 million cats in Canadian households.
That’s a ten per cent increase over the past ten years, reports CAHI.
This equates to approximately 41 per cent of all homes having one dog, or 37 per cent having one cat.
It’s no surprise then that the pet business is booming.
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