The City of Saskatoon doesn’t appear to be moving quickly but they are progressing with discussions to reopen a farmers’ market in its previous location.
The announcement came out publicly during this week’s City Council on Monday, August 30th despite negotiation in play since February 2020.
So who is the mystery tenant?
Rumours of the impending demise of the Canadian Toys “R” Us stores has been swirling since their U.S. parent filed bankruptcy in September 2017.
At that time it wasn’t widely understood that the Canadian stores were separate of this filing and, in fact, somewhat profitable along with the other 1,600 stores around the globe.
News of a recent sale of the 81 Canadian stores speaks to the long-term viability of the toy retail franchise.
Have you ever entered a business that turned you off so quickly that you couldn’t wait to exit?
This happens all too often in the retail and service industry.
What message is your space presenting to potential clientele?
We’ve just released our 2Q21 market surveys and all three sectors are reporting a reduction in vacancy.
Remarkable statistics considering the economic storm we’ve been passing through!
It appears that our resource rich economy is only going to continue to improve with the recent upcycle in commodity markets.
International demand for food, fertilizer and fuel have turned the corner after a slow 2020.
Let’s take a look at each sector individually.
Saskatchewan has entered step three of our reopening plan and most restrictions from public health orders have been lifted.
But does that mean we should all go back to business as usual?
I think there are a few pandemic measures we could all just continue with.
It’s easy to get skeptical about leasing commercial real estate with all the media reporting business doom and gloom during the pandemic.
Well I’m here to tell you, not only is their rising hope on the horizon but things aren’t near as dicey as some think.
Saskatchewan’s premier Scott Moe is optimistically eying reopening our province (again) to business despite some of our neighbouring provinces tightening down.
As much as I strongly believe safety is a high priority, I also believe salvaging our economy is just as important.
So what does Moe’s re-open plan mean for business?
While we saw quarter over quarter decreases throughout 2020, the drop in Saskatoon’s industrial vacancy for the last three months has exceeded my prediction for the entire current year.
The industrial sector has seen a net absorption of almost 150,000 square feet (SF).
In January, I forecasted we would be at 4.8 per cent by year end.
Our recently released Industrial Market Report recorded that rate had already dropped to 4.71 per cent. That represents over a 60-basis points reduction within one quarter.
My review of the market stats would indicate that is the largest quarterly drop we have seen in over 10 years.
Renewals in commercial leasing can be almost as important as securing a lease in the first place.
There is quite a bit of finesse to this process.
Have you ever come across a roadblock, turned to take an alternative route and found yourself up against another obstacle?
During Saskatoon’s construction season (basically anytime not designated Winter), it can be frustrating trying to find a route without some hurdle.
Likewise, commercial real estate buyers and sellers can potentially encounter endless roadblocks during the course of a transaction.
Unlike driving, though, you can anticipate these snags and potentially veer around them.