Report

Canada Retail Rent Survey H1 2022

August 9, 2022

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Key Findings:

  • Market activity and sentiment appears to be on the rise across Canada, with cities noting an improvement in touring activity or vacancy over the last six months.  
  • Neighbourhood centre rental rates have increased in three of 10 markets, the most of any single format type. This coincides with high activity levels in these centres, particularly from F&B, grocery and personal services users. 
  • Two of the three rental declines were noted in key urban areas in Vancouver and Montreal.
  • Halifax and Calgary reported the highest number of rental rate increases, up in six and four formats or key urban areas respectively in each.
  • While the majority of retail rates have held stable, rising construction costs are increasing capital costs across Canada. In turn, tenants are being offered larger inducement packages or in some cases are considering second-generation space.