Land is land is land. Well, not actually.
We’ve just seen a market update from the team at Colliers which looks at how various segments of the real estate market are faring in the province — and there is no one-size-fits-all formula.
For those holding industrial land or looking for a place to build a shop in the major cities, the market is tight. Vacancy rates in this category are running at two per cent in Saskatoon and 1.4 per cent in Regina. Surprisingly, these are not the tightest markets in the country. Major cities in BC and Toronto are posting rates in the half-point range.
But when you shift over to office space the story also changes. COVID and working-from-home have challenged landlords, but things are better than they were a year or two back. Vacancy rates in Saskatoon are currently running in the 12 per cent range while Regina is experiencing rates closer to 18 per cent.
One area that is undergoing a remarkable rebound is hospitality. Investors are stepping up to add hotels to their portfolios with a half dozen Saskatchewan properties changing hands in the past year.
