Commercial and Industrial Real Estate

The following charts show the average prices for existing land and lease along with averages for new construction by building types.  For more specific questions, please contact us at RREDA or contact a commercial and industrial realtor or a construction firm directly.  The large four commercial realtors in Regina are listed with contact information on the "Land & Site Selection" page under the "Doing Business" menu above.

 Real-Estate Market 

Industrial Market

With respect to real-estate costs for businesses, Regina is one of the most competitive major cities in Canada and is certainly among the leaders in Western Canada.  Industrial land prices, at $250,000 per serviced acre, are dramatically less expensive when compared to Toronto at $396,000, Edmonton at $500,000, and Calgary at $650,000. 

While the city’s ‘Ross Industrial Park’ has had much of its available land purchased in the past two years, the City of Regina is in the process of developing an additional number of lots in the park.  Expanding the city’s industrial opportunities, Melcor Developments is expected to develop a new industrial park of 685 acres in the next several years.

Office Market

Regina also excels in the market for office real-estate.  At $21 per square foot for Class A downtown space, Regina offers savings when compared to Toronto at $29, Edmonton at $31, Vancouver at $40 and Calgary at $60.  While vacancy is currently low at 1.6% overall, construction of new office space is continuing in 2008 with – to name just a few – a 130,000 sq. ft. office/retail space in the former Superstore site adjacent to the downtown, 70,000 sq. ft of new commercial space at Innovation Place Regina, and 27,000 sq. ft in the former Army/Navy site in downtown Regina.

Retail Market

The retail market is less expensive than competing cities at $18 per square foot.  This is less than cities like Edmonton which run $25-30 per square foot and considerably less than Vancouver where one can pay between $28 for low traffic areas to as much as $240 in higher traffic areas such as Robson Street. 

Furthermore, Regina is adding retail space throughout the city including the “big-box” retail of the east end, mixed retail in the north and in the downtown core, and the new Harbour Landing residential and commercial development in the southwest.

Construction Costs

For those intending on building new for their business, construction costs are a big piece of the puzzle.  With the construction industry firing on all cylinders, prices per square foot have gone up in the past few years but remain competitive amongst western Canadian provinces.

Westridge Construction, a leading Regina builder, provided the following costs of construction for various types of building during the second quarter of 2008.  Please note that these are just estimates and in no way represent exact prices for a particular project and are subject to change at any time.

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