[Brutopian]

Retail developments healthy despite economic downturn: Colliers

By Alex MacPherson, Saskatoon StarPhoenix
December 15, 2016

Extremely weak resource prices have devastated much of the provincial economy, but Saskatoon’s retail sector appears to be healthy as it undergoes a shift toward companies that provide basic services, according to a new report from Colliers International.

While the city’s office and residential rental vacancy rates are into double digits, only about 4.3 per cent of the city’s roughly 14 million square feet of retail space remains vacant, likely due to new development, the commercial real estate company said in the report.

“As long as we can keep driving new markets, we’ll continue to expand retail,” said Keith Webb, vice-president of Colliers in Saskatoon, noting new developments have already created large untapped markets in the city.

That growth is reflected in the number of major companies with new stores open or under construction in the city, including Costco, Bed Bath & Beyond, GoodLife Fitness and Save On Foods, Webb said.

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http://thestarphoenix.com/business/r...nturn-colliers