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04.05.2023 / 16:43

Many Canadian offices are empty. It could be the economy’s ‘canary in the coal mine’

interest rates are putting stress on Canadian real estate — but it’s not just homeowners feeling the pinch.Experts are warning that Canada’s commercial real estate sector could be a “canary in the coal mine” for a steeper downturn in the economy as an uncertain return to the workplace leaves many office landlords in a precarious position.Much of the fears for commercial real estate — a sector that includes office towers, retail spaces, warehouses and production plants — stem from the United States and recent instability in the banking industry.First Republic, a regional bank that catered to a wealthy clientele, was the latest casualty of the instability that has seen shockwaves spread beyond the U.S. to global banking institutions.It was Charlie Munger, vice-president of Berkshire Hathaway and right-hand man to investment magnate Warren Buffett, who rang alarm bells over the weekend about the state of U.S.

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Downtown Saskatoon vacancy rate remains high as employers ponder work-from-home future

Indigenous architect Alfred Waugh tapped to design new downtown Saskatoon library “I don’t envy any tenant that’s really got to think about their office needs right now,” said Walchuk, a partner with ICR Commercial.The over-supplied market predates the COVID-19 pandemic. Walchuk said the construction of new offices at River Landing led to a “flight to quality.” Sluggish commodity markets have also hurt interest, he said.While the pandemic didn’t create the high vacancy rate, it impacts employers looking to renew their office spaces.

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