Regina’s downtown retail vacancy rated dropped to 3.67% in the fourth quarter of 2024, marking a significant recovery for the city’s core, says a new Avison Young report.

Downtown vacancy remains high but is well down from 11.42% in late 2022.

According to Avison Young, the decline reflects increasing demand for commercial space and ongoing revitalization efforts by the city.

Environmental sustainability remains a key priority as Regina continues to grow. The city is pushing forward with eco-friendly initiatives, including the construction of a net-zero, energy-ready indoor aquatic facility, which will feature a deep geothermal heating system to reduce energy consumption.

Additionally, Regina recently became home to Canada’s first sustainable Tim Hortons location, which opened in the Greens on Gardiner neighbourhood in December 2024. The restaurant incorporates low-carbon concrete and a rainwater harvesting system to support outdoor irrigation.

Increased investment and development incentives have contributed to downtown Regina’s revitalization. The city’s official community plan targets 30% of future growth within key areas over the next two decades. Incentive programs, such as grants of up to $50,000 and property-tax exemptions for eligible projects, are encouraging businesses to establish themselves in the area.

The removal of the intensification levy in 2021 has also helped fuel development.

With a strengthening customer base, infrastructure improvements, and a clear focus on sustainability, Regina’s downtown retail market is well-positioned for continued success, said Avison Young.

Pictured: Regina Tim Hortons outlet that features sustainable technologies.

Photo: Tim Hortons