Report | Intelligent Investment

Canada Retail Rent Survey H2 2023

January 15, 2024 10 Minute Read

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CBRE's H2 2023 Retail Rent Survey presents a snapshot of retail trends and rents for 11 cities across Canada.

 

Key Trends

·   Sentiment remains optimistic heading into the new year as activity remains positive and best-in-class locations are leasing quickly. More market movements were reported in H2 2023 in comparison to the prior editions of this report with 38 noted increases and eight reductions on benchmark rent prices.

 

·  Geographically, Calgary, Vancouver and Winnipeg reported the greatest number of rental rate increases, up in five or more formats or key urban areas across each city.

 

·  Convenience/strip centres noted increased rental rates in eight of 11 markets, the most of any retail format. Demand remains strong for these centres, especially when grocery or food anchored.

 

·   Key urban areas are facing a confluence of headwinds with nearly an equal amount of rental rate increases as decreases. In fact, urban streetfront was the only category where declines were noted this half.

 

·   Mixed-use, predominantly urban, continues to gain traction noting rental rate increases in five of 11 markets. Of note, The Well in Toronto’s King West neighbourhood officially opened at year-end to much fanfare.