The Lighthouse, which provides support to Saskatoon’s homeless and mentally ill, is vital to our community but it can’t come at the expense of our vibrant Downtown as a whole.
Prior to the global pandemic, Saskatoon’s Downtown businesses were already feeling the impact of reduced foot traffic due to safety concerns of the Lighthouse.
Now, the reported national statistics for tenant relief requests from the retail sector mirror close to what we’ve seen in Saskatoon.
As a result of economy shutting down to Covid-19, on average, 70 per cent of requests have come from retail tenants; only 30 per cent have come from the office and industrial sectors.
A game plan to invigorate our downtown retail business before it’s too late is urgent.
It’s time for the City, local businesses, and the Lighthouse to examine a Plan B if we hope to save this core neighbourhood.
Fair is a pretty relative term in the commercial real estate universe.
It depends entirely on which side of the transaction you are as to what your perception of fair may be.
In regard to commercial leasing, does fair apply to the landlord or tenant?
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?
The sudden, real impact of COVID-19 can be seen in supply
chain disruptions, lower consumer confidence and reduced consumer spending.
Trying to measure the macro picture, the scope and duration
of the economic stoppage is not easy.
For those corporations who are currently sitting on surplus
capital, waiting for the bargains to surface, it is still to early to assess
how property values will be affected.
It is however, becoming clear which sector will emerge as
strongest asset class.
There is no question about the effects of the Covoid-19
pandemic on Canada’s economy.
This sudden misfortune has tested the strength of the commercial real estate industry in ways we’ve never encountered before.
So what does the future hold for tenants when this is all
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
Megatrends are often described as powerful and transformational
forces that can change economy, business and society over the course of
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
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?
I think it’s fair to say that we don’t recommend people and
their services if we don’t like them.
The problem, however, is that often liking someone can
hinder us from really considering if you’d recommend them.
Confused? Consider the following…
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.
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.