The suburban office market continues its strong performance for the second consecutive year. Vacancy rates have dramatically decreased, with suburban spaces significantly outperforming the CBD while experiencing rising net effective rates.
Net rental rates show steady growth across all property classes, with the largest increases seen in Class A and Class C spaces. Market preferences have clearly shifted toward finished space, with tenants willing to pay premiums for move-in ready options rather than shell spaces requiring additional investment.
Tenant priorities focus on budget and immediacy, with smaller built-out spaces showing the strongest leasing velocity. Class A properties have seen significant absorption, while Class C spaces remain in extremely tight supply, demonstrating strong demand for both premium and economical turnkey solutions.
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