Skip to content

Naked stats hide true Saskatoon

Raw numbers on higher vacancy rates disguise robust outlook for Saskatchewan's biggest city, commercial real estate analyst claims
ICR Saskatoon analyst Alvaro Campos
Analyst Alvaro Campos: Saskatoon commercial real estate stronger than stats suggest

 

Alvaro Campos thinks the Saskatoon real estate market would be in a lot better shape if people would ignore the headlines and look beyond the naked statistics. 

The brokerage business manager at ICR Commercial Real Estate said rising vacancy rates and falling absorption rates simply don’t do the market justice.

Instead, people need to focus on the fact that leasing rates are stabilizing, new infrastructure is being built and optimism is growing that the economy is starting to rebound.

For example, the new north commuter bridge in Saskatoon, which will bring 20,000 vehicles per day through the intersection of Millar Avenue and Marquis Drive after it’s completed in 2018, is expected to ramp up demand for the Matrix IV development in Marquis Industrial, the largest industrial business park in town.

ICR is currently marketing the initial 90,000 square feet of space for Matrix IV, which should be ready to go in late spring or early summer. It has an option for a single tenant to take it all or it could be cut up into different sizes for multiple tenants.

“What’s going to make this attractive is the location. It’s in the heart of Marquis Industrial and will be part of a larger business park,” he said.

The third and fourth phases of Matrix will eventually encompass 430,000 square feet dedicated to retail, office, services and warehousing. The first two phases are completely leased and Campos is confident that success will spill over into the newer parts of the development.

There are other opportunities in the north industrial area, too, he said, as there is a lack or restaurants and other amenities to service the roughly 30,000 people who work there.