Canada Retail Rent Survey H1 2023

CBRE's H1 2023 Retail Rent Survey presents a snapshot of retail trends and rents for 11 cities across Canada.

Key Findings

-         Open-air centres are reigning supreme with community (unenclosed), neighbourhood and convenience centres noting increased rental rate ranges in three of 11 markets. Demand remains strong for space in these formats, especially if grocery or food anchored.

-         Key urban areas face various headwinds, however demand remains strong for the most desirable nodes: 30% of high streets or streetfronts included in this report saw rental rate appreciation.

-         Mixed-use, both urban and suburban, is gaining traction with each noting rental rate increases in three of 11 markets.  

-         Montreal and Calgary reported the highest number of rental rate increases, respectively up in eight and six formats or key urban areas. This was followed by Halifax (+5) and Toronto (+4).

-         Sentiment remains optimistic across markets despite economic conditions. Activity remains positive, with best-in-class locations leasing quickly.