Prime retail space scarce
New capacity will offer future relief
By Scott Larson, The Starphoenix
August 23, 2013
Saskatoon's commercial real estate market continues to be hot, especially at the retail level where there is a scant 2.5 per cent vacancy rate, according to the latest ICR Commercial Real Estate report.
"Space is still limited," says Alvaro Campos, market research analyst with ICR. "People want to buy high exposure retail space like on Eighth Street and there are no options available."
An estimated 109,450 square feet has been absorbed in the market throughout the first three quarters of 2013, the report said.
Retail sectors such as Eighth Street, Stonebridge, University Heights, Blairmore and downtown continue to attract higher market rates. New retail developments are expected to attract lease rates in the range of $25-35 per square foot (PSF), while existing vacancies range from $18-$25 PSF. [...]
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