Canada Retail Rent Survey H2 2022

February 9, 2023

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CBRE’s H2 2022 Retail Rent Survey presents a snapshot of retail trends and rents for 10 cities across Canada.

Key Findings:

  • Open-air centres are reigning supreme with power, community (unenclosed), and neighbourhood centres noting increased rental rate ranges in four of 10 markets. Demand remains strong for space in these formats, especially if grocery or food anchored.
  • Western provinces experienced the most widespread rent appreciation with all cities west of Winnipeg reporting a minimum of two rent increases. This was led by Saskatoon and Vancouver, both seeing increasing rates in six formats or key urban areas.
  • Market recalibration is taking place in Montreal having noted two of three total rental declines noted across Canada this half.
  • Construction cost challenges and higher interest rates continue to impact leasing. Tenants and landlords are working together to get deals done in the current cost environment.
  • Despite economic headwinds, retail and retailer sentiment remains positive across Canada going into the new year.