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Regina office availability is shifting downward.

Regina Office Availability Shifting Downward

Regina office availability is trending downward while most of the sector’s major Canadian markets are moving in the other direction.

Office availability fell more than 2% year-over-year in the first quarter of 2024, to 15.5%, says a new report from Avison Young. That total was below the national average of 19.4%.

In the first quarter of 2023, Regina office availability stood at 17.75%.. The market had 293,000 square feet of available space in January 2024.

There was a distinct divide between class A and B buildings rent-wise. The class A average rent was $24.91 per square foot, while class B building landlords were requesting $15.61 psf.

The average class C asking rate was $15.61 psf.

The pandemic, namely work-from-home, labour market continues to drive vacancy into a tenant-favoured market, said Avison. While the reduced availability spells positive news, the availability rate is still above normal.

The 20.4% class C vacancy rate leads all classes across the country with lease rates ranging from $12 psf to $19 psf. Class C vacancy reduction efforts are being hindered by a flight to quality and landlord incentives with no new construction on the horizon.

“To reduce vacancy rates to an acceptable normal rate, the return-to-office working model needs to gain more momentum with employers who are still on the fence,” said Avison Young.

Photo: Avison Young


Inside The Story

Avison Young

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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