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Great downtown Central Business District, freestand and fully improved office building. Corner location, lots of onsite parking. Great signage and street appeal. Rare opportunity to secure a single use primary tenant lea
Welcome to this rare and iconic commercial property located at the high-profile corner of 4th Avenue South and 20th Street East in Saskatoon's vibrant Central Business District. With 36,848 SF of space across six levels,
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The market for office spaces for sale in Saskatoon, Saskatchewan is thriving. As the largest city in the province, Saskatoon serves as an economic hub and center for major industries like agriculture, mining, and oil & gas. This steady economic activity has driven demand for commercial office spaces from small businesses, professional services firms, corporate satellite offices, and more.
Saskatoon has seen rapid population growth over the past decade, bringing more skilled talent and entrepreneurs into the region. As of 2021, the Saskatoon metro area population surpassed 315,000 residents. This expanding workforce and business environment has kept the office space market quite active with competitive sale and lease rates.
The office space real estate landscape in Saskatoon consists of different office space types to meet diverse business needs:
Central Business District (Downtown) - The highest concentration of premium Class A and B+ office towers and mixed-commercial buildings, Downtown Saskatoon offers convenient access and high visibility for professional services, financial companies, etc. Rates are highest here.
Suburban Office Parks - Areas like Blairmore, University Heights, etc. allow for more affordable Class B/C office spaces in low-rise and mixed-use suburban complexes for industries like technology, manufacturing, transportation, construction, etc.
Standalone/Converted Office - Older houses, strip malls, and other buildings have been converted into creative office lofts, co-working spaces, and compact offices for startups, design firms, non-profits, etc. Unique spaces with more flexibility.
Sale and lease rates for office spaces vary significantly depending on class, location, age and amenities offered. Sale prices typically range from $100 per square foot for lower-end spaces to over $300 psf for Class A buildings and premium sites downtown. As in major cities, demand outpaces supply which puts upward pressure on rates.
Saskatoon provides options for commercial office spaces that fit all types of business requirements, budgets, and growth plans.
These are found within official multi-tenant office buildings (low, mid and high-rise) concentrated in the downtown central business district. Traditional office setups have standard layouts and come "as-is", allowing tenants to handling their own fit-outs/renovations.
Class A and Class B office towers built after 2000 offer high visibility and modern amenity spaces. Availability depends on companies signing/renewing leases. Sale prices vary based on location, class, floor space and market conditions.
Pros: Professional image, plug-and-play setup, downtown core access
Cons: Less flexibility, higher cost
Lofts and creative office spaces breathe unique character into older buildings like warehouses and heritage properties. Many are located just outside the downtown core in historic Riversdale and Broadway neighbourhoods amidst a growing creative, tech and entrepreneur community. These feature exposed beams/bricks, high ceilings and opportunities for customization.
Pros: Unique historic spaces, creative community, flexibility
Cons: Limited parking at some sites, varying floor plans
A popular sale opportunity is an older mixed-use building with retail/restaurant space on the ground floor and offices above. These century-old structures have ornate exteriors and expansive windows. The central location offers built-in amenities and foot traffic. Allowances support renovations.
Pros: Turnkey setup, character, amenities
Cons: Renovation needs, limited parking
From standalone clinics to offices within medical complexes, Saskatoon has spaces fitting health practitioners. Many newer outpatient and surgery centers with modern finishes are concentrated near St. Paul's and Royal University Hospitals. Ownership allows customization for medical equipment with regulatory requirements in mind.
Pros: Purpose-built medical features, equipment infrastructure, referral partnerships
Cons: Higher capital costs, limited alternate uses
For large SF requirements by major firms, Saskatoon's downtown and suburban high-rise office towers provide Class A spaces with easy access to talent and transport. Companies can buy multiple floors or entire buildings to consolidate teams with their own lobbies, fitness centers and advanced technology infrastructure.
Pros: Branding visibility, own building controls
Cons: Much higher cost, surplus space issues
Beyond sale price, location and square footage, buyers should keep these aspects in mind:
While buying office spaces, downtown provides high visibility, suburban creative spaces allow for skilled talent access, collaboration and future growth capabilities. Assess proximity to clients, partners, amenities and target workforce demographics.
Current space needs are important, but expansion capabilities should also be considered if scaling up services, equipment, or staff in the future. Measure not just work areas but also hallways, lobbies, storage, etc. Assess layouts and access points for workflow efficiency.
Modern amenities like parking, HVAC systems, meeting rooms, kitchens and lobbies influence comfort, convenience and accessibility for staff and clients. Some older spaces sacrifice certain features for unique environments. Factor in upgrade needs and costs.
While creative loft spaces have an alluring aesthetic, hidden foundation, roofing, and wiring issues can lead to major unexpected repair bills. Carefully inspect structures and building systems first. Get professional assessments to uncover problems early.
The Saskatoon office space market has seen some fluctuation in prices over the past five years based on local economic shifts. However, the long-term trajectory remains strong, given population and job growth projections.
Overall, average prices for owned office spaces have climbed nearly 15% over the past half-decade, according to commercial real estate associations. Rates for Class A spaces downtown specifically have risen over 20%. Suburban locations have also seen steady gains.
Driving factors include:
Strong employment from industries setting up new regional corporate offices
Constrained new office construction projects
Migration of talent and businesses from other provinces
Demand is outpacing supply downtown, as demonstrated by Saskatoon’s commercial vacancy rate of around 7%, which is low by historical standards.
The COVID-19 pandemic triggered significant economic uncertainty over 2020-2021. Office occupancy declined with remote work arrangements.
However, the downturn was less severe for Saskatoon compared to major metros. Bolstered by agriculture, the city avoided drastic job losses or commercial real estate declines.
After a plateau in 2020, office asking prices and lease rates began rising again by mid-2021. Market analysts forecast the overall upward value trend to continue as the city diversifies its economy further.
Buyers have experienced smooth acquisitions of office properties by following these key steps:
Having financing pre-approved expedites the purchase process once a property is selected. Commercial real estate loans or cash from business profits/investors allow buyers to move quickly with unconditional offers versus contingent on financing clauses.
Typical down payments range 15-25%. Look also at government small business grants. Engage qualified accountants to control tax and cash flow factors.
Once identifying a property to purchase, research recent comparable sales and factor in demand trends to determine a fair bid price meeting seller expectations. Consider a compromise room also.
Commercial offers require detailed information like intended use, timing contingencies, deposit amount (5-10%), conditions/inspections, legal identifiers and signed authorities. Leave reasonable timelines.
Involving engineers, appraisers, and contractors in thoroughly assessing a commercial building protects against inheriting hidden issues after purchase, such as inadequate foundations or faulty HVAC systems.
Secure right-to-inspect terms in the offer agreement. Assessment costs range from $3,000-$5,000 but uncover red flags early to inform negotiations or walk-away decisions.
Upon acceptance of the offer, submit a 5-10% deposit while lawyers finalize contracts covering commercial liability, zoning details and property transfer. Follow standard closing procedures and payment schedules aligned to possession date terms.
Celebrate once registered building ownership is completely transferred, keys exchanged, and spaces are available to customize for business needs!
Economic diversity and population growth position Saskatoon's office property market for health and stability in the long term. However, evolving work models influence demand shifts while constraints lead owners to get creative with conversions.
While most major companies maintain headquarters, the rise of permanent remote work and hybrid arrangements may gradually reduce large office space requirements. Landlords must incentivize tenant retention as market dynamics change.
Sustained modest immigration and baby boomer retirement also tightens talent availability so companies allow flexible policies to attract skilled professionals. Yet offices remain vital for strategic leadership, collaboration, company culture and client meetings.
With potential office footprint shrinkage from remote policies, some building owners repurpose excess spaces into residential condos. Many outdated structures require major renovations so conversions to modern mixed-use retail/apartments prove more profitable than upgrading aging office inventory.
Despite remote work adoption, Saskatoon's educated workforce expansion supports the demand for modern, tech-enabled offices from diverse industries. Constrained land downtown also limits new projects, enabling existing space owners to charge premium rates thanks to protection from oversupply.
Broader commercial development generates new amenities to attract businesses to emerging neighbourhoods. This healthy economic mix positions the city for office space stability and gradual value appreciation for years ahead.
Saskatoon's market currently lists office buildings for sale in diverse categories, from modest professional suites to spacious high-rise corporate centers. Available spaces suit various industries like legal, finance, tech, healthcare and more. For those seeking flexibility, there are also numerous office buildings for rent in Saskatoon that cater to both small businesses and larger enterprises.
Consult digital listing sites, contact local real estate professionals directly, or reach out to specific property owners/managers to obtain details on current asking prices and comparables sold for office buildings for sale in Saskatoon.
Prospective Saskatoon office building buyers should budget for property taxes, legal fees, inspections, renovations, maintenance, utilities and other recurring ownership costs atop the purchase price.
We have strong partnerships with trustworthy lenders familiar with Saskatoon's commercial real estate sector. We can connect you to financing options that suit your office building investment goals and facilitate the lending process, from application to securing competitive rates and terms.
Contact our knowledgeable team of Saskatoon commercial real estate agents with specific expertise assisting buyers in identifying office building opportunities matching their requirements for space, amenities, budget and future growth plans. Our team not only guides you through office acquisitions but also provides access to a broad range of commercial buildings for sale in Saskatoon. With Saskatoon’s commercial real estate market continuously expanding, now is the perfect time to explore the options available for both immediate use and long-term investments. If you're not ready to commit to a purchase, we can help you explore commercial buildings for rent in Saskatoon. For those interested in residential investments, we also provide insights into apartment buildings for sale in Saskatchewan. These properties offer the potential for consistent rental income and long-term appreciation, making them ideal for investors looking to diversify their portfolio across both commercial and residential real estate.
https://saskatoon.ctvnews.ca/saskatoon-s-suburban-office-space-outpaces-downtown-core-1.6623769
Discovering the best deals on Commercial Properties in Saskatoon, Saskatchewan requires thorough research. Take into account factors such as location, size, amenities, and future growth potential. Explore the three most popular offers:
Office Space at 22nd , Office Space at 4th and
The average price of Commercial Properties in Saskatoon, Saskatchewan is influenced by various factors. On average, prices range from $11,940,000. However, conducting a comprehensive market analysis is essential to grasp specific pricing trends in your desired area.
Find comprehensive information about Commercial Properties in Saskatoon, Saskatchewan on Find Businesses 4 Sale! Explore our catalog of offers, and if you have any questions, feel free to contact us; we're here to help! Meanwhile, consider checking out the three newest listings:
Office Space at 22nd , Office Space at 4th and .
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