RETAIL MARKET ANALYSIS Prepared by Barclay Street Real Estate CALGARY MID-YEAR 2017 RETAIL MARKET ANALYSIS AT THE MID-POINT OF 2017, While CBD vacancy remained elevated due to two- 3.0% CALGARY’S OVERALL RETAIL plus years of decreased foot traffic relied upon by OVERALL retailers, ongoing activity decreased the vacancy rate VACANCY RATE MARKET REFLECTED A –0.4% NEWFOUND SENSE OF OPTIMISM to 10.8% from 11.5%, effectively winding the clock FROM Q1’17 FOR WHAT THE BALANCE OF back a full year. With the Downtown and Beltline THE YEAR WILL BRING. markets comprising approximately 10% of the city’s Vacancy dropped to 3% following four consecutive retail inventory by square footage, the effects of the quarters in the mid-3% range. This marks a return to recession-induced reduction in employees/customers Q1 2016 levels. The Conference Board of Canada and have been magnified substantially. With that said, many economists have forecast 2017 to be the year of the large number of available options have placed recovery for Calgary and will all eyes will be focusing on significant competitive pressures on Landlords, thereby the Central Business District (CBD) as the ‘canary in the lowering rental rates and creating opportunities for coalmine’. This submarket has seen a third consecutive scrappy new franchises and restaurant ventures to set quarter of positive net absorption, which bodes well. up shop. 5211 Macleod Trail Restaurant currently available for lease PREPARED BY BARCLAY STREET REAL ESTATE Director of Research – Anthony B. Scott 403-290-0178 •
[email protected] www.barclaystreet.com RETAIL MARKET ANALYSIS Mid-Year 2017 • Calgary Calgary’s Retail Landscape at Mid-Year 2017 CALGARY CONTINUES TO DRAW RETAIL VACANCY BY FORMAT 8.3% SIGNIFICANT INTEREST FROM HIGH- 8.0%880% PROFILE RETAILERS, as evidenced by major announcements made during the first Headlease quarter pertaining to CF Market Mall.