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RETAIL MARKET ANALYSIS Prepared by Barclay Street Real Estate CALGARY YEAR-END 2017 RETAIL MARKET ANALYSIS

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RETAIL MARKET ANALYSIS Prepared by Barclay Street Real Estate CALGARY YEAR-END 2017 RETAIL MARKET ANALYSIS RETAIL MARKET ANALYSIS Prepared by Barclay Street Real Estate CALGARY YEAR-END 2017 RETAIL MARKET ANALYSIS AT THE END OF 2017, the former Target space is being backfilled by 3.1% CALGARY’S OVERALL RETAIL HomeSense. In the Southeast, a Nordstrom Rack OVERALL MARKET REFLECTED THE ONSET location and an Ethan Allen store will open at VACANCY RATE Deerfoot Meadows in the spring of 2018. +0.2% OF THE ECONOMIC RECOVERY FROM Q3’17 AND BENEFITED FROM SEVERAL In addition, activity returned to the Central Business –0.3% CORPORATE EXPANSIONS. FROM Q4’16 District (CBD), decreasing vacancy to sub-10% Following a year in which retail levels for the first time since Q1 2016; still above vacancy rose to the mid-3% range, 2017 brought the 2013-15 average of 7%, but moving in the right a notable drop to 3.1%; back to Q1 2016 levels. direction. While the Downtown submarket witnessed This year-over-year decrease was a product of local a series of notable closures by Catch, Devino and corporate expansions by CRAFT brewery and Analog The Belvedere this year, the higher-end dining Coffee, as well as activity from high-profile, large- experience is being replaced by more mid-priced footprint retailers such as Saks OFF 5th, Sporting Life dining locations such as Two Penny in the Beltline and Zara who are opening new stores at CF Market and by a Social Brew Haus to open in the Mall. Also at this location, Sport Chek is undergoing former Mango Shiva by mid-2018. significant expansion under its “Hero” concept and Eagle Block on 1 Street SW Second floor 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 Year-End 2017 • Calgary Calgary’s Retail Landscape at Year-End 2017 OVERALL VACANCY FELL TO 3.1% RETAIL VACANCY BY FORMAT 8.0% AT YEAR-END 2017 AFTER STARTING 808.0%% THE YEAR AT NEAR-HISTORIC HIGHS – A POINT REACHED AT THE MID- Headlease POINT OF 2016. Also contributing to the Sublease decrease was strong leasing activity in the 4.0% Central Business District (CBD) – the Beltline, 4.0% 3.5% in particular – where vacancy decreased to 9.7% from 10.3% during the previous 2.3% quarter. In the Beltline, activity percolated 0.9% 1.1% along the 4th Street corridor and 17th 0.7% 0.0% 0.0% 0.0% 0.1% 0.2% Avenue, where previously difficult properties 0.0% such as Landmark Centre benefitted from Power Shopping Enclosed Shopping Community Street Front Neighbourhood Big Box Retailer Centre Centre Shopping Centre Shopping Centre ongoing activity with Rawleigh Food Mart moving in. Additionally, TD Canada Trust opened a new branch in 1905 4th RETAIL 12.0% Street SW and Phil’s opened an 11th VACANCY BY LOCATION 10.0% 9.5% Avenue SW location. Further bolstering the Beltline, an Arc’terix-branded store will 8.0% open on 17th Avenue SW in spring of 2018. 6.0% This year, the CBD saw three consecutive 4.0% quarters of positive net absorption and Headlease 3.0% 2.2% 2.4% this submarket benefitted from limited 2.0% introduction of new retail inventory, which Sublease 0.1% 0.2% 0.2% 0.0% allowed the Downtown and Beltline to 0.0% Overall CBD North South stabilize. With retail development largely Inventory 40,600,000 3,800,000 15,900,000 20,900,000 done for the foreseeable future, the wild card has become the currently unlisted In the Suburban markets, CF Market Mall while the other quadrants saw increases. spaces along Stephen Avenue, left behind by was a locus of activity with major store The latter phenomenon is tied to the Devino, Jugo Juice and The Belvedere. announcement, expansions and backfills addition of several large blocks of space mentioned earlier in this report. Other in the form of the Wholesale Sports at CALGARY RETAIL Big Box notable activity during 2017 involved Deerfoot Meadows, the listing of the former INVENTORY Retail Neighbourhood CRAFT brewery opening a new location Douglas Glen Sobeys anchor store and COMPOSITION Shopping Centre in Southcentre mall and Analog Coffee the closure of multiple Chili’s restaurants. Community announcing new anchor locations to open in In the immediate future we’ll also see the Street 8.2% Shopping Front 11.7% Centre the Westman Village and University District effects of Sears Canada’s store closures 14.8% developments. The Suburban retail markets – the department stores in Southcente and continued to foster positive sentiment NorthHill Malls plus the Sears Home at among developers, as evidenced by Calgary Brentwood Village and several catalogue 19.9% Co-Op seeking local public input for plans to pick-up locations on Richmond Road, redevelop 16th Avenue location – expanding Southland Drive and in Bridlewood. 20.0% the current retail footprint plus adding 115 residential units. Overall, Street Front format retail space continues to be the primary source of Enclosed 25.3% Power Among the Suburban markets, the South vacancy with this format accounting for Shopping Shopping Centre Centre East witnessed a small decrease in vacancy about 8% of overall vacancy. The CBD RETAIL MARKET ANALYSIS Prepared by Barclay Street Real Estate jp( ) Retail RETAIL PROJECT Retail Format Property Name Community Area (sf) Completed Landlord/Owner COMPLETIONS Community Shopping Mahogany Village Market Mahogany 207,000 Q2 2017 Hopewell SUMMARY (TO Centre Neighbourhood Shopping Seton Gateway Seton 128,000 Q1 2017 First Capital JUNE. 30, 2017) Centre Plaza 1319 Crescent Heights 5,200 Q1 2017 1671021 Alberta Inc. Street Front Stonegate Plaza Country Hills 17,000 Q2 2017 Royop Development Corporation 707 Fifth Downtown 6,925 Q2 2017 Manulife Real Estate Deerfoot City (Deerfoot Mall) Deerfoot Business 103,000 Q1 2017 Shape Properties Power Shopping Centre Expansion Ph. 1 Centre IKEA Expansion Deerfoot Meadows 27,000 Q2 2017 IKEA Total 494,000 sf has the highest vacancy rate for this format at 12.1% but in the this and other smaller retail projects, as evidenced by a very low 3% North East and North West quadrants, street front accounts for street front retail vacancy rate. 7.2% and 9.5%, respectively. One significant reason for this is the Overall, more than 570,000 sf of new retail space was introduced ongoing introduction of new product as a component of mixed- during 2017, with the Suburban South markets seeing the majority use developments such as I.D. Inglewood, Lido, One6, Plaza 1319 of activity. In the South East quadrant, more than 368,000 sf was and the forthcoming Infinity @ Marda Loop. As the city seeks to completed with Mahogany Village Market being the most significant limit urban sprawl through densification, developers increasingly addition. In the Suburban North markets, 179,000 sf of new product combined retail and residential projects over the previous few years. was introduced, with the first phase of the Deerfoot City expansion Additionally, ‘retail pad’ development kicked into high gear during being the largest completion. 2016/17 as property owners reclaimed large sections of parking lots Looking ahead to 2018, approximately 2.7 million square feet (msf) of to add clusters of small shops. A great example of this is Choice retail inventory is slated for delivery. The primary contributor to this new Properties’ retail pad at SouthPointe shopping centre on 130th inventory is Power Shopping Centre format retail, comprised of major Avenue South East. The Suburban South has seen strong uptake of projects such Deerfoot City Phase II and the first phase of Trinity Hills. Retail Area Expected Retail Format Property Name Discipline Landlord/Owner CBD RETAIL (sf) Completion CONSTRUCTION Mount Royal Village West Beltline 60,000 Q2 2018 First Capital Realty Inc. SUMMARY Street Front Verve East Village 13,000 Q4 2018 FRAM+SLOKKER Developments TELUS Sky Downtown 15,000 Q4 2018 Westbank Total 88,000 sf Retail Area Expected Retail Format Property Name Community Landlord/Owner SUBURBAN (sf) Completion SOUTH RETAIL East Hills - Phase II Applewood Park 616,000 Q2 2018 RioCan Seton Phase II Seton 450,000 Q4 2018 Brookfield CONSTRUCTION Power Shopping Centre Trinity Hills - Phase I COP/Cougar Ridge 250,000 Q2 2018 Trinity Group SUMMARY Trinity Hills - Phase II COP/Cougar Ridge 450,000 2019 Trinity Group Community Shopping Centre Currie Barracks Garrison Woods 245,000 2019 Canada Lands / Emabassy Bosa Neighbourhood Shopping Legacy Village Legacy 58,000 2018 West Creek Developments Centre Westman Village Mahogany 44,000 Q4 2018 Jaymnan Built Cranston Cranston 13,200 Q2 2018 Brookfield Infinity @ Marda Loop Marda Loop 11,300 Q3 2018 SNR Group Fairmount Park Fairmount 7,500 Q2 2018 OPUS Development Corp. Street Front Chinook 58 Manchester 30,000 Q3 2018 Centron Macleod Trail Professional Centre South MacLeod Trail 7,400 Q3 2018 OPUS Development Corp. AVLI on Atlantic Inglewood 8,100 Q3 2018 Greenview Developments The Windsor Britannia 25,000 Q2 2019 Arlington Street Developments Total 2,126,000 sf Retail Area Expected SUBURBAN Retail Format Property Name Community Landlord/Owner (sf) Completion NORTH RETAIL CONSTRUCTION Deerfoot City Expansion (phase II) Deerfoot Business Park 395,500 Q2 2018 Shape Properties SUMMARY Sage Hill Crossing - Pases II - IV Sage Hill 383,600 Q3 '18-Q4 '18 RioCan Sky Pointe Landing Skyview Ranch 50,000 Q2 2019 The LaCaille Group Power Shopping Centre Stonegate Common - Phase I Country Hills 130,000 Q4 2018 WAM/AIMCO Stonegate Common - Phase II Country Hills 1,340,000 Q4 2020 WAM/AIMCO University District - Phase I University District 100,000 Q4 2018 West Campus Develoment Trust University District - Phase II University District 145,000 TBD West Campus Develoment Trust Neighbourhood Shopping District at North Deerfoot Temple 94,200 Q4 2018 Melcor Developments Centre Kensington by Bucci Kensington 9,000 Q2 2018 Bucci Street Front Medivest Professional Centre Mount Pleasant 24,000 Q2 2018 Medivest Total 2,671,000 sf RETAIL MARKET ANALYSIS Year-End 2017 • Calgary BARCLAY STREET Emerging Trends REAL ESTATE in Retail RETAIL TEAM 403-290-0178 The move away from the ‘Department Store’ AmyAmy McGregorMcGregor Associate Though much has been said and written [email protected] about the recent closure of Sears Canada, it’s important to trace the trajectory of events leading to that end.
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