Saskatoon CBD Office Q1 2023 MarketBeat Report Summary

Through the last six months the City of Saskatoon’s Central Business District experienced strong leasing activity, the majority of activity has been tenant expansion, new tenants to the Saskatoon market, and relocation within the CBD. A flight to quality has been the prevailing theme in Saskatoon as the majority of leasing activity has been in A Class buildings or abnormally inexpensive C Class space such as the Birk’s building on 21st St E. Nearly 21% of the downtown office inventory remains vacant, but if the 300 basis point drop within the last six months are an indicator, it is likely that the CBD will recover to less than 8% vacancy within the next 3 – 5 years.