News - Meetings of 7:22 Breakfast Club

March 14 2007

Submitted by Rick Carlson

Executive Announcements

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Social Announcements

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General Announcements

Dennis Bellamy is relocating to new space on 33rd Street near Quebec Avenue.

Jeff Sharp had a great showing at the Canadian Brier.

Speaker | Tom McClocklin Jr. - Colliers McClocklin

Tom McClocklin Jr. with the help of Ken Suchan and Kevin Johnson, all from Colliers McClocklin, gave today's presentation. Colliers is a North American company. They are a research oriented commercial real estate firm.

There has abeen a noticeable change in real estate prices in Saskatoon over the last 18 months. Average housing prices have risen from $145,000.00 to more than $190,000.00 and continue to rise. Now, a 1400 square foot home costs about $350,000.00. The same home in Calgary would cost around $650,000.00.

Colliers tracks 412.5 million square feet of commercial space in Canada. There is a 7.7% vacancy rate in general which is down from over 10% in 2005. In Saskatoon, there was a 26% vacancy rate in 1996 and now it is below 8%. As a result, office rents have gone up. However, we are still below the national rental rates. Calgary has 0.25% vacancy. Many buildings in Saskatoon are now completely full which is very different from a few years ago. A large part of the recent increase in demand here is due to resource related companies and firms that service their industry.

Eastern Canada has seen higher vacancy rates than in the West for industrial properties. Retail space vacancy rates are also very low. New retail developments such as Stonegate in South Saskatoon are almost fully leased even before they are complete. However, most new construction is still taking place in Calgary and Toronto.

Sergeant at Arms

Clint Thomas fined all the former Sargents who had fined him over the years.

Hidden Hand

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Pot of Gold Winner

Keith Moen

Other Business

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Next Meeting

2007-03-28 (7:22 a.m.)


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