Regina is the capital city in the province of Saskatchewan and boasts high economic productivity levels, a central location within North America, affordable real estate, a reasonable cost of living and commutes of less than 20 minutes to work. These are just a few of the advantages of locating to this dynamic, progressive and culturally-diverse community with a population of approximately 200,000.
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. The industries leading this stable and sustainable growth include manufacturing, transportation, communications, wholesale and retail trade, research and development, natural resource development, and education.
Regina’s office space continues to be in high demand as vacancy rates remain among the lowest in Canada. Construction of new office towers in the downtown area offer proof that existing companies need expansion space, or that new tenants are hoping to locate to the downtown market. Significant development outside the downtown area is also planned or underway. 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. Retail inventory is expected to increase 20% by 2013. In recent years, many new developments have led to ongoing interest in the city. Absorption has been very strong, resulting in little impact on vacancy.
The industrial market is expected to expand rapidly during the next few years given the lack of inventory and expansion in the west and northeast sectors of the city. Development land costs have stabilized, the market correction has run its course, and construction costs have either stabilized or declined as new competitors have entered the market from outside the province.
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 major financial institutions and diverse ownership groups, landlords and tenants 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 Canada and the United States, Regina brokers also strive to develop cross-border sale and lease transactions in all commercial real estate asset classes.