WATCH: It’s unusual to find empty spaces on Saskatoon’s popular Broadway Avenue but, for the first time in a long time, there are. Meaghan Craig finds out whether the business improvement district feels that’s cause for concern.
SASKATOON – The number of spaces for lease in the Broadway district is turning some heads. Has the real estate bubble in that area begun to burst?
On nearly every block of Broadway Avenue there’s storefront sitting empty. Exciting times on Broadway, says commercial real estate professionals and here’s why.
“Seeing for lease signs in my opinion is a sign of a healthy stable market,” said Kari Fox, client advisor with The Commercial Group.
“For the first time ever, we actually have a few vacancies on Broadway when, in fact, if you look over the last five, 10 years there’s lots of businesses that have always sought out a location on Broadway and there’s never been an available option.”
Businesses are now chomping at the bit to get onto Broadway. Mint Fashion Company has now been leased. Fox says it was snapped up right away.
“I can allude to the fact that there’s going to be a new restaurant, lounge in Mint.”
While the Broadway Business Improvement District (BBID) doesn’t have a say in what fills the spaces, officials say they do have a wish list. Ground level stores that people can peer into would be ideal as would businesses that spill out into the street.
“So food places that can use the sidewalk for patios,” said BBID executive director Sarah Marchildon.
“Retails places that get people walking in and out of their shops and encourage people to come to check out their place and then they fall out and check out the neighbors that’s really how a district like this functions.”
READ MORE: Business Improvement Districts key to neighbourhood revitalization
Areas of the city are currently under transition according to Fox, who says the urban renewal of Broadway will likely be a mix of local and some western Canadian brands.
“Broadway has a very cool vibe. I’m not worried at all in terms of working towards filling some of these vacancies, they’re already underway.”
One building that’s remained under wraps is 701 Broadway on the corner of 11th Street. On Friday, Fox confirmed half of the building’s main floor has now been secured.
“There is a restaurant opening up by the name of Una Pizza & Wine, they are currently located on 17th Ave. in Calgary and they have partnered with a local couple here and so very exciting for them to be open,” added Fox.
“They should be open, I’m hoping closer to the end of this year.”
The remaining half of the building’s main floor is currently being pursued by a couple of small businesses but Fox says her lips are sealed as to which ones.
“Broadway is doing just fine and is still one of the hottest and highly desired neighbourhoods in Saskatoon.”
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