Retail Demand Spurs New Construction
Vancouver is one of several Canadian markets seeing a marked increase in retail construction (2.5M SF in the works) in the first half of 2013. Toronto leads the way with 6.3M SF. CBRE's 2013 Mid-Year Canadian Retail Marketview report also notes that domestic and international retailers' confidence in the Canadian market goes on unabated. The 650k SF Eagle Landing project in Chilliwack is in the photo.
The report says vacancy across the country continues to average around 5%, compared to 12.3% in the US. (Hard to believe since we've seen people camping out for basketball shoes down there.) Around 1.7M SF of new retail space is expected to be completed in Vancouver in the second half of 2013. "Demand is high for retail space in a variety of formats," says CBRE's Ross Moore (right). "Top brands are competing for the best-quality space and landlords are doing everything they can to accommodate demand by building out properties and altering their tenant mix."