The development of office space in Saskatoon is a sign of confidence in the city’s economy. That’s the observation from the Managing Director of Colliers in Saskatchewan. Richard Jankowski says speculative developers have done extensive market research consulting with business, governments and the real estate industry but admits they are taking calculated risks.

Jankowski points out there had been no new office space development for quite some time before ground was broken on projects like River Landing. He feels it’s a response to pent up demand for modern accommodations at a time of transition for the Saskatoon office market. Jankowski feels in addition to luxury space like River Landing tenants will also be opting for smaller more modest spaces in addition to co-working arrangements and mixed use buildings.

Colliers pegs the Saskatoon office vacancy rate at 16.5-percent about seven points higher than the national average and Jankowski predicts it will go higher. However, Jankowski feels Saskatchewan and the city of Saskatoon have created a solid economic climate with signs indicating good times could be ahead for another 20-to-30 years if the city and province continue to do things right economically. He sees the office marketplace offering a lot of opportunity, challenges and significant change.