Paul Martin's Business Update - February 3rd

Paul Martin's Business Update - February 3rd

One of the by-products of the strong underpinnings of the provincial economy has been a remarkable surge in the real estate market.

Whether farmland or residential property, real estate values have risen steadily over the last decade as more people move into the province and demand for our resources and agricultural products has lured investors from around the planet. And when new investors arrive, there are more people bidding for properties and that gives values a lift. Similarly it triggers new construction.

A report from the commercial real estate firm Colliers International provides a quick scan of the marketplace in Saskatoon which is a proxy for cities throughout the province. It shows demand for retail space is growing more rapidly than supply so the vacancy rate is declining. It is the same story for industrial property.

About the only sector that is seeing something different is the office component. This has traditionally been the domain of the downtown core but supply issues have led to many people relocating to the downtown fringe or the suburbs so overall square footage is increasing….just in a new part of town.

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