Avison Young releases its Regina 2012 Year-in-Review/2013 Market
REGINA, March 1, 2013 /CNW/ - Positive economic indicators, a record
year for building-permit values in 2012, volatile construction costs,
and a string of large-scale initiatives are highlighted in Avison
Young's 2012/2013 report covering the Regina commercial real estate
Strong performance across all asset classes, additional class A office
space and industrial land, lack of investment product, and healthy
retail sales characterize the strong performance foreseen for the
commercial real estate market in Regina where landlords clearly have
the upper hand.
These are some of the key trends noted in Avison Young's 2012 Year-in-Review/2013 Regina Market Forecast, released today.
"The provincial and regional economies have witnessed a couple of small
bumps in the road but, by and large, they continue to trend in a
positive direction - and in a sustainable manner," comments Richard Jankowski, Managing Director of Avison Young's Regina office. "There has been
sustained growth in the manufacturing sector, expansion and
diversification in the resource sector, and a resurgence in
agriculture. All of this activity had a positive impact on the
commercial real estate industry throughout 2012 and we expect this
growth to continue in 2013 and beyond."
Jankowski says the continued growth in investor and business interest in
the province is what led his office to publish its first-ever
all-encompassing market report.
"It is great to see a new office tower go up in our downtown - the first
in 20 years," states Avison Young Principal Dale Griesser. "As a result, the office market gained some breathing space during the
past year; however, Regina remained the national leader in terms of low
vacancy rates. Of equal significance is the current growth in the
fringe and suburban areas as new and existing tenants look for space to
fit their business needs."
He continues: "The office construction planned and underway is at the
highest pace for adding inventory in recent memory, and long overdue to
satisfy overheated demand."
The city's industrial market has also been very active in both building
construction and land development. According to Avison Young sales
associate Jeff Sackville, who specializes in industrial sales and leasing, the market is
expected to stabilize in 2013 after a strong performance in 2012.
"Lease rates have flattened out now that the market correction has moved
through this sector. It has been good to see the City of Regina develop
new industrial land, and despite the lift in the purchase price, demand
is strong as new businesses locate to the area," explains Sackville.
"We'd like to see that happen outside the city as well, where interest
for larger-scale developments has been evident. It is good to have
The retail sector is considered a turbulent market in transition,
according to Avison Young sales associate Joe Trudelle who specializes in retail and office sales and leasing. "On the one
hand, it is very exciting to see our city gain the attention of
U.S.-based retailers who now want to come here; on the other hand,
we've seen a generally significant lift in lease rates on renewals,
which has put pressure on tenants and the landlord-tenant
This situation, he says, may level out, "but it's definitely forcing
stakeholders to plan ahead."
The multi-residential market is consistent with other asset classes.
"We're seeing growth, we're seeing lots of new inventory - in fact,
residential development helped lift the City of Regina to
record-breaking building permits in both dollar value and the number of
transactions in 2012. But the reality is, there just doesn't seem to be
an end in sight to the tight market conditions," notes Avison Young
sales associate Art Ingleby.
He says highrise condominium towers under construction, plus distributed
clusters of apartment and condo buildings, have been a welcome sight in
the city. "However, there has to be land developed to support future
construction. And then hopefully there will be a balance of price
points to enable all consumer groups to acquire properties," he says.
Founded in 1978, Avison Young is Canada's largest independently-owned commercial real estate services
company. Headquartered in Toronto, Ontario, Avison Young is also the
largest Canadian-owned, principal-managed commercial real estate
brokerage firm in North America. Comprising more than 1,100 real estate
professionals in 43 offices across Canada and the U.S., the
full-service commercial real estate company provides value-added,
client-centric investment sales, leasing, advisory, management,
financing and mortgage placement services to owners and occupiers of
office, retail, industrial and multi-residential properties.
For further information, comment or photos:
• Richard Jankowski, Managing Director, Regina, Avison Young: (306) 359-9799
• Dale Griesser, Principal, Regina, Avison Young: (306) 359-9799
• Jeff Sackville, Sales Associate, Regina, Avison Young: (306) 359-9799
• Joe Trudelle, Sales Associate, Regina, Avison Young: (306) 359-9799
• Art Ingleby, Sales Associate, Regina, Avison Young: (306) 359-9799
• Sherry Quan, National Director of Communications & Media Relations, Avison Young: (604) 647-5098; cell: (604) 726-0959
Avison Young was a winner of Canada's Best Managed Companies program in 2011 and re-qualified in 2012 to maintain its status as a
Best Managed company.
Follow Avison Young on Twitter:
For industry news, press releases and market reports: www.twitter.com/avisonyoung
For Avison Young listings and deals: www.twitter.com/AYListingsDeals
Follow Avison Young Bloggers: http://blog.avisonyoung.com
Editors/Real Estate Reporters
• Please click on link to view Avison Young's Regina 2012 Year-in-Review/2013 Market Forecast
SOURCE: Avison Young Commercial Real Estate (BC)
For further information: