Saskatoon’s $300-million River Landing project will bring about 360,000 square feet of triple-A office space to the city’s downtown from 2019 to 2022, and is expected to create a ripple effect the sector has rarely – if ever – seen before.
The pending “seismic” changes expected in the market have convinced Colliers International to reclassify Saskatoon’s office inventory and include medical office buildings for the first time.
Triple-A space is defined as being a landmark property with more than 100,000 square feet, and with the highest-quality materials and finishes, a unique architectural design and commanding the highest rents in the market.
It’s safe to say River Landing qualifies on all fronts.
Its East Tower will add 156,000 square feet of prime space to the inventory in late 2019 while sister building Nutrien Tower will bring another 206,000 square feet when it opens its doors in 2022. Combined, they will increase office space in the city’s downtown by more than 13 per cent.
Saskatoon’s office market has an overall vacancy rate of 10.5 per cent, which compares favourably with many other cities with populations less than 1 million. Both Halifax and Waterloo, for example, are more than 15 per cent while Winnipeg is less than 8 per cent.