Grasswood Mixed Use Node Market Impact Study Summary Report PREPARED FOR Corman Park - Saskatoon Planning District, May 2016 Market Impact Study GRASSWOOD Mixed Use Node Summary Report Market Impact Study in collaboration with Unit 216, 9525 201st Street | Langley, B.C. Canada | V1M 4A5 | 604.888.6680 p | www.CushingTerrell.com Table of CONTENTS PREFACE ..................................................................................................................................................................i EXECUTIVE SUMMARY.........................................................................................................................................ii 1.0 LOCATION CONTEXT 1.1 Regional Context ..............................................................................................................................................................1 1.2 Local Context .....................................................................................................................................................................1 1.3 Population Summary ......................................................................................................................................................1 1.4 Saskatoon Freeway ..........................................................................................................................................................3 1.5 Existing Land Use Policies .............................................................................................................................................5 1.6 First Nation Rights Holder Engagement ..................................................................................................................6 2.0 RETAIL MARKET & DEMAND 2.1 Retail Overview ...............................................................................................................................................................10 2.2 Retail Demand .................................................................................................................................................................12 2.3 Retail Floorspace Demand ..........................................................................................................................................12 2.4 Grasswood Land Use Allocation ...............................................................................................................................15 2.5 Summary & Implications ..............................................................................................................................................15 3.0 SUBURBAN OFFICE MARKET & DEMAND 3.1 Office Overview ..............................................................................................................................................................17 3.2 Office Demand ................................................................................................................................................................19 3.3 Suburban Office Floorspace Demand ....................................................................................................................19 3.4 Grasswood Land Use Allocation ...............................................................................................................................21 3.5 Summary & Implications ..............................................................................................................................................21 4.0 LIGHT INDUSTRIAL MARKET & DEMAND 4.1 Industrial Overview ........................................................................................................................................................23 4.2 Industrial Demand..........................................................................................................................................................25 4.3 Light Industrial Floorspace Demand .......................................................................................................................25 4.4 Grasswood Land Use Allocation ...............................................................................................................................28 4.5 Summary & Implications ..............................................................................................................................................28 Table of CONTENTS PREFACE ..................................................................................................................................................................i 5.0 HOTEL MARKET & DEMAND 5.1 Hotel Market .....................................................................................................................................................................30 EXECUTIVE SUMMARY.........................................................................................................................................ii 5.2 Saskatoon Hotel Demand ...........................................................................................................................................30 5.3 Grasswood Hotel Room Demand .............................................................................................................................30 1.0 LOCATION CONTEXT 5.4 Grasswood Land Use Allocation ...............................................................................................................................31 1.1 Regional Context ..............................................................................................................................................................1 5.5 Summary & Implications .............................................................................................................................................31 1.2 Local Context .....................................................................................................................................................................1 1.3 Population Summary ......................................................................................................................................................1 6.0 RESIDENTIAL MARKET & DEMAND 1.4 Saskatoon Freeway ..........................................................................................................................................................3 6.1 Single Family Market Summary .................................................................................................................................33 1.5 Existing Land Use Policies .............................................................................................................................................5 6.2 Multi-Family Market Summary ..................................................................................................................................33 1.6 First Nation Rights Holder Engagement ..................................................................................................................6 6.3 CMA Single Family Residential Demand ................................................................................................................33 6.4 Grasswood Single Family Market Share .................................................................................................................34 2.0 RETAIL MARKET & DEMAND 6.5 Grasswood Single Family Land Use Allocation....................................................................................................34 2.1 Retail Overview ...............................................................................................................................................................10 6.6 CMA Multi-Family Residential Demand .................................................................................................................35 2.2 Retail Demand .................................................................................................................................................................12 6.7 Grasswood Multi-Family Market Share ...................................................................................................................35 2.3 Retail Floorspace Demand ..........................................................................................................................................12 6.8 Grasswood Multi-Family Land Use Allocation .....................................................................................................37 2.4 Grasswood Land Use Allocation ...............................................................................................................................15 6.9 Summary & Implications ..............................................................................................................................................37 2.5 Summary & Implications ..............................................................................................................................................15 7.0 LAND USE ALLOCATION & PHASING 3.0 SUBURBAN OFFICE MARKET & DEMAND 7.1 Introduction ......................................................................................................................................................................41 3.1 Office Overview ..............................................................................................................................................................17 7.2 Phase ONE Land Use Summary to 2020 .................................................................................................................43