Regina had a census metropolitan area (CMA) population of 260,348 in 2013 which represented a 2.9% increase from the previous year. As the capital city in the province of Saskatchewan, it boasts a strong and diversified economy, a strategic location to north-south and east-west traffic, affordable real estate, a reasonable cost of living, and commutes of less than 20 minutes to work. The city has a market draw area of approximately 500,000 from the US border, to adjoining provincial boundaries. These are just a few of the advantages of locating to this dynamic, progressive and culturally-diverse community.
Regina is considered to be one of the most attractive places to live in terms of key measurable factors, and also in terms of doing business. The city has one of Canada’s most stable economies, setting records for annual building-permit totals on a regular basis. Local industries supporting the current accelerated growth includes manufacturing, transportation, communications, wholesale and retail trade, research and development, natural resource development, and education.
Regina’s office market has adjusted in recent years and can be viewed as balanced and stable for both owners and occupiers. Construction of new office towers in the downtown and suburban area offer evidence that owners and occupiers have confidence in doing business in the city. Office inventory is expected to increase by more than 25% by 2015 in the downtown, downtown fringe, and suburban districts.
The retail market enjoys ongoing growth in new and redeveloping sectors of the city. Growth is expected for the foreseeable future in the west, northwest and east corridors of the city. Retail inventory grown significantly over the past five years, primarily in the Grasslands and Quance Street areas, and given the strong growth in retail spending and household income, this trend is expected to continue on a measured basis despite fluctuations in currency rates and a drop in oil prices.
The industrial market is expected to continue with the strong and stable expansion that started in 2011. Development land costs have stabilized and serviced land is very abundant inside the CMA, The market correction in vacancy and lease rates have run their course, and construction costs have either stabilized or declined due to the somewhat cooler and stable economy.
With investment product very limited, trading remains restricted. Multiple buyers continue to be interested in any available product that becomes available. Little change is expected in the investment market, except for limited trading in the office and retail sectors.
Since opening in 2004, Avison Young’s Regina office has provided services to a diverse range of owners and occupiers throughout Saskatchewan while developing contacts and clients throughout Canada and around the world. Regina-based brokers, along with all Avison Young representatives across Canada and the U.S., clearly understand and respect client needs while remaining dedicated to a philosophy that incorporates five principles – honesty, integrity, creativity, hard work and results – that are transparent in a team-oriented and entrepreneurial environment. Working closely with other offices across the Avison Young family, Regina’s professional sales and support team strives to achieve excellence with multi-market sale and lease transactions in all commercial real estate asset classes.