The past year has been a roller-coaster for the commercial real estate industry. Just when it looked like we were gaining traction, it seemed the world had another thing in store for us.
But, I’m hopeful for 2021 and therefore I choose to focus on what’s in store for us.
‘Tis the season to be jolly indeed. I think we will all breathe a sigh of relief upon closing the book on 2020.
The only silver lining in the office market is the flight to quality in Saskatoon’s downtown specifically.
Driving by the cranes working on the new Nutrien tower at River Landing never ceased to raise my spirits this past year.
It’s definitely a tenant’s market out there and there are office deals to be had. I think we could see some interesting movement in this market in the coming months.
O Come All Ye Faithful Tenants
In a market full of uncertainty and COVID-19 restrictions changing by the day, it was astonishing to see the resiliency of the business community.
Not only did we as brokers do deals in 2020 but they weren’t solely with existing clients. We met people opening new businesses during the pandemic.
If that isn’t joyful and triumphant for our economy, I don’t know what is.
According to the Saskatoon Regional Economic Development Authority’s economic indicators, we are about 48.2 per cent recovered from the initial pandemic lockdown.
Retail sales, specifically, have mildly recovered thanks in part to e-commerce and a grassroots movement to shop local.
There’s no place like your home office for the holidays
This year’s Christmas will be cozier for most people in Saskatchewan given the latest round of gathering restrictions imposed by the provincial government.
But what if you haven’t been out the house since spring anyway?
There have been many discussions regarding the pros and cons of the home-office workforce. Time will tell as to how this affects office culture or the erosion thereof.
Joy to the World of Science
The only thing that makes this the most wonderful time of this year is that a global effort of money and resources have found their way to a vaccine.
I will wait patiently for mine while front-line workers and the most vulnerable get theirs first.
I’m sure I’m not the only person counting down the things I’ll do, if and when things return to normal.
Am I too optimistic to repeat the sounding joy in that I might attend concerts soon?