Thursday, 7 February 2013

Commercial real estate market to remain strong in 2013

Report projects continued gains in industrial, retail and office space

Saskatoon's housing market has seen a lot of growth in the last few years, and commercial real estate is keeping pace.

Colliers International, a commercial real estate firm with offices in 61 countries, released a report projecting that gains made in the sector in 2012 will continue through 2013.

Tom McClocklin the managing director of the company's Saskatchewan branch, confirmed 2012 was a strong year.

"We had over 700,000 sq. ft. of new industrial space added, we had over 200,000 square feet of new office tenants come into the market and incredible demand for retail space," he said.

McClocklin said the overall strength of the economy will continue to fuel growth through the next year.

The only clouds he could see on the horizon was the potential for a softening in commodity prices to put a drag on growth.

He also noted that over the long term, the availability of land and rising construction costs could present challenges to maintaining the pace of growth.

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