IMPACT REPORT ADD ON INFORMATION
Source – Colliers International Research. Available at: http://www.collierscanada.com/en/commercial-property-research. Retrieved on March 2, 2017.
* Calgary reports for Class A office space only and does not classify occupancy costs, but rather additional rent.
** Latest data available was for Q3 2016
- Regina remains competitive with other peer cities in regards to average square footage rent, costs, and total costs.
- In terms of total cost per square foot, Regina is the third most affordable place for office retail. Reasonable office rates combined with an economy that weathered the commodity downturn remarkably well is a result of the diversity and robustness of the Regina economy.
- Vacancy rates continue to be low as compared to peer cities, and many experts believe Regina’s office space vacancy rate hit its low point in 2015/2016 and they anticipant a more balanced market moving forward.
Note – livable space included in this chart reflects the livable spaces in the current RDBID boundary zones.
- Following the 12.6% increase in livable space in 2008, the downtown market grew moderately until the market retrenchment of low income housing occurred in 2012.
- In 2014, Downtown had two strong expansions. In between 2014 and 2015 – Downtown welcomed new apartments and condos. The Gardens on Rose, The Willoughby, and City Square Plaza are welcome additions to the Downtown Sky line.
- Over the past 12 years, the livable space within the RDBID zone has expanded by 30%, with about half of the growth occurring in the last 2 years.