The global rise of online shopping has not killed physical retail spaces. In fact, the retail landscape across Canada is generally stable, with some formats thriving. cbreCanada | realestatenews retail Canada
In fact, the retail landscape across Canada is generally stable, with strong performance in select retail formats and markets, according to a"The current economic climate, inflation, and elevated interest rates have paused leasing activity amongst some retailers, but not all," says CBRE. "As has been the case, good real estate continues to be leased quickly, resulting in limited vacancy amongst the most in-demand formats, particularly those that are unenclosed.
CBRE's report examined 11 major markets across Canada, including: Victoria, Vancouver, Calgary, Edmonton, Saskatoon, Winnipeg, Kitchener-Waterloo, Toronto, Ottawa, Montreal, and Halifax. In general, there are two types of retailers that continue to come out on top: providers of personal services and fast-food restaurants — referred to as quick-service restaurants in industry parlance. And just like other sectors of the real estate market, retail has been dogged by supply issues, and CBRE says that could result in further rent appreciation in the second half of the year.
Despite the sustained demand and price growth, it's hard to ignore the subplot of the return-to-office story, which is the effect reduced office occupancy is having on nearby retailers. CBRE notes that select cities have seen some challenges in their downtown cores, but — again — they're not uniform across the country and across the various retail formats.
Below are the different kinds of retail formats and which markets those retail formats are doing well in, based on the net asking rent per square foot of space.Regional malls are the traditional shopping centre format most people think of. They tend to have a high proportion of national brands, multiple large-format stores, and oftentimes a department store like a Hudson's Bay. Regional malls usually have at least 300,00 sq. ft of retail space.
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