H2 2020 faired better for retail investment transactions in Metro Vancouver as retail asset sales rose significantly to $613 million compared to $378 million in H1 2020. Notably, the top retail investment sales were grocery-anchored plazas.
Continued reduced tourism, teamed with the continuation of 'work from home' business models due to the pandemic, contributed to Downtown Vancouver's decline in foot traffic this past summer in relation to years prior.
The overall Downtown Vancouver vacancy rate recorded a 100 basis point increase from H1 2020, now at 5.8% with Granville Street (Hastings St. to Robson St.) and the Davie corridor witnessing the most significant changes.
Mall vacancies throughout Metro Vancouver held steady, decreasing by 10 basis points from 5.7% seen in H1 2020, now at 5.6%.
250,726 sq.ft. of new retail space was completed in H2 2020, leaving over 1.5 million sq.ft in the construction pipeline including ongoing mega mixed-use projects such as The Amazing Brentwood, Oakridge Centre, and The Post.