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2020 Retail Report

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2020 Retail Report RICHMOND CENTRE | SHAPE PROPERTIES Retail 2020 Report METRO VANCOUVER MARKET OVERVIEW Metro Vancouver Overview RETAIL MARKET FORECAST RETAIL INVESTMENT SNAPSHOT INDICATOR TREND COMPLETED DEALS 2019 2020 TREND Vacancy Number of Sales* 271 176 q Net Absorption Transaction Volume* (CAD) 2.374 Billion 0.775 Billion q New Development p Rental Rates Source: Realnet, Lee & Associates Research Cap Rates p NOTABLE RETAIL SALE TRANSACTIONS PROPERTY ADDRESS | NAME MUNICIPALITY PRICE SIZE (SF) PRICE/SF PURCHASER(S) CAP RATES (%) Keltic Canada Development Trenant Park Square Delta $64,500,000.00 138,716 465 4.6 (1227380 B.C. Ltd.) 475 West Hastings Street* Vancouver $30,150,000.00 8,400 3,589 — 1.7 Robson Street Retail 465 North Road & 500 Austin Avenue Coquitlam $21,150,000.00 9,397 2,251 Choice Properties REIT 1.7 8898-152nd Street Surrey $29,000,000 45,885 $632 West Fraser Developments 4.4 2020 marks the start of a new decade, however, the unprecedented effects of COVID-19 Huntingdon Station Abbotsford $12,379,000.00 14,780 838 Mihyou Holdings Ltd. 4.4 on the global economy have resulted in a disproportionate impact on retail real estate. Elenore on Fifth Vancouver $9,119,855.00 10,808 844 1249119 B.C. Ltd. — 2041 West 4th Avenue Vancouver $8,800,000.00 8,381 1,050 MGF Investments Ltd. — The BC Government has also taken unprecedented action in response, extending the provincial state of emergency for a record-breaking 1179, 1181, 1187 & 1193 Denman Solterra Development Corp. 17th time as of October 27th. Retail players in the Metro Vancouver market have been forced to re-evaluate, restructure, and right-size their Vancouver $8,600,000.00 4,082 2,107 — Street (Beach Bay Cafe Ltd.) business, but despite the economic downturn, many retailers remain resilient. Shoppers returned after lock-down fatigue and retail sales Little Mountain Plaza Vancouver $6,600,000.00 8,867 744 Michelle's Import Plus Ltd. 3.1 picked up. Sales at general merchandise stores were up across the country and major grocery retailers and e-commerce sales soared. 4305 Dunbar Street* Vancouer $6,600,000.00 6,1337 1,075 Beta Enterprises Ltd. — The retail leasing market is starting to pick up as retailers take their finger off the pause button. The trend is for more collaboration between The Crossing* Abbotsford $5,500,000.19 13,610 404 1233836 B.C. Ltd. 4.0 landlords and tenants to optimize opportunities. Retail investment activity has been modest, with a total of 176 recorded sales. The market 2077-2079 West 4th Avenue* Vancouver $4,000,000.00 4,509 883 2077 West 4th Avenue Nominee Ltd. — recorded just 16 investment transactions between $5 and $10 million; there were eight transactions about $10 million. NOTABLE RETAIL LEASE TRANSACTIONS The demand for retail remains stable as supply constraints are particularly tight in open-air/strip retail centres which traditionally offer preferred retail fundamentals such as exposure, parking, and ease of access and egress. PROPERTY ADDRESS | NAME MUNICIPALITY TENANT SIZE (SF) 6771 Marine Way | Big Bend Crossing* Burnaby Sungiven Foods 28,144 2430 Burrard Street* Vancouver KIA Motors 10,909 CURRENTLY UNDER CONSTRUCTION AND POTENTIAL DEVELOPMENTS | LOWER MAINLAND 9711-9771 Bridgeport Road* Richmond Sungiven Foods 10,000 1595 Marine Drive* North Vancouver Sungiven Foods 9,913 DEVELOPER PROJECT NAME MUNICIPALITY RETAIL SIZE NOTABLE TENANTS EST. COMPLETION 113 & 115 - 2777 Gladwin Road* Abbotsford Sabzi Mandi Supermarket 8,549 Shape Properties The City of Lougheed Burnaby 1,400,000 TBD Q1 2020 11900 Haney Place | Haney Place Mall Maple Ridge Fraser Health Urgent Care Centre 8,211 Shape Properties The Amazing Brentwood Burnaby 547,192 Cineplex, Sporting Life Q2 2020 38310 Buckley Avenue | Jumar Squamish Eagle Kids Daycare 6,180 Overwaitea Foods, Bed Bath & Beyond, Anthem Properties/Beedie Station Square Burnaby 450,000 Q4 2021 Best Buy 1640 152nd Street* Surrey Sungiven Foods 6,000 Quadreal The Post Vancouver 200,000 Loblaw’s, Amazon 2022 8533 River District* Vancouver Pet Valu Canada 4,800 Jim Pattison Developments Guildford Village Surrey 114,000 Save On Foods Q2 2021 4180 Bayview Street* Richmond PetValu 4,000 10580 -10590 King George* Surrey Drake Medox Training & Development 3,612 South Street Developments Atmosphere Richmond 70,000 TBD 2021 4464 Dunbar Street* Vancouver Jak's Beer Wine Spirits 3,582 Quadreal Oakridge Centre Vancouver 360,000 TBD Phased until 2031 12161-72nd Avenue | Strawberry Hill Shopping Centre Surrey Five Guys Burgers and Fries 2,902 Onni Gilmore Place Burnaby 450,000 TBD Q2 2024 432 West Hastings Street* Vancouver Dimensions Art Gallery 2,655 Shape Properties/Cadillac Richmond Centre Richmond 362,000 TBD Phased until 2026 Fairview 1062 Homer Street* Vancouver Dwell Living 2,575 Concord Pacific False Creek District Vancouver 230,000 TBD Phased until 2027 *Brokered by Lee & Associates 2020 | Metro Vancouver Market Report leevancouver.com/research Downtown Vancouver Market Overview Downtown Vancouver Core DOWNTOWN VANCOUVER LEASE RATES MAP The Downtown core is experiencing major rejuvenation with several large construction projects currently underway. The retail environment surrounding Pacific Centre is attracting newcomers and revitalizing the shopping experience in the neighbourhood. Construction is in full-swing at the corner of West Georgia Street and Hornby Street where Pacific Centre’s iconic glass dome will be replaced by 14,000 square feet of retail podium. The Four Seasons Hotel vacated the hotel portion of the shopping centre earlier this year. Cadillac Fairview has announced plans to renovate the 28-storey hotel tower for a new hotelier. H&M and Sephora both expanded their Pacific Centre locations this year; the Swedish fashion retailer adds a full floor to their store — bringing their retail footprint to 40,000 square feet over three levels; Sephora renovated their location at the northwest corner of the mall and now occupies 7,000 square feet. Earlier this year, UGG Australia closed its doors on Robson Street and is now taken over by Lululemon- adding 2,300 square feet of additional space to their 4,500 square foot store on the corner of Burrard Street and Robson Street. Foot Locker is confirmed to be the tenant at the new retail building at 1067 Robson Street, occupying 20,000 square feet. New tenants to the shopping corridor include OVO, Uncle Tetsu, Oomomo, and Mountain Warehouse. Vancouver’s “Luxury Zone” bordering the streets of West Georgia, Alberni, Thurlow, and Hornby, had a significant influx of tenants such as Van Cleef Arpels, Oliver Peoples, and Off-White. Hermes’ flagship store relocates to a two-storey location on the corner of Burrard Street and West Georgia Street. Quadreal’s “The Post” development at the corner of Homer Street and West Georgia Street will be the future location of Amazon’s Vancouver offices as well as a Loblaw’s City Market — the 50,000 square foot store will become the largest grocery store in Downtown Vancouver. Gastown | Railtown Gastown, a historically renowned destination for tourists and locals alike, has evolved into a trendy part of Downtown Vancouver. The retail landscape has evolved with the influx of boutiques, up-scale restaurants, cafés, stylish art galleries and unique fashion retailers. Herschel, Le Labo, and Gravity Pope are notable new retailers in this area. LEASE RATE TRENDS | DOWNTOWN VANCOUVER Yaletown STREET TREND NET RENT TAX & CAM STREET TREND NET RENT TAX & CAM This submarket is home to some of the city’s best salons, restaurants, and lounges. The proximity to high-density condo towers and the `Canada SEGMENT PSF 2020* 2020* SEGMENT PSF 2020* 2020* Robson Street Line Skytrain Station at Davie and Mainland Streets complement the area. Retrofit brick and beam former warehouse buildings now facilitate Alberni Street p $150 – $300 $25 – $50 p $50 – $235 $20 – $45 retail spaces and quality offices above. (Beatty to Burrard) Burrard Street Robson Street $40 – $200 $15 – $40 q $50 – $120 $20 – $40 Demand for this heritage submarket remains steady with recent entrants such as Small Victory Cafe, Do Chay, Field & Social, and Elisa - Top Table (Georgia to Davie) (Bute to Denman) Abbott Street Group’s new 6,800 square foot steakhouse. Davie Street p $30 – $65 $15 – $20 $30 – $50 $15 – $25 (Expo to Hastings) MACROECONOMIC FACTORS Denman $40 – $75 $20 – $30 Gastown p $25 – $90 $15 – $25 CANADA CURRENT TREND BRITISH COLUMBIA CURRENT TREND Granville Street $40 – $150 $15 – $30 Railtown $15 – $25 $8 – $14 (Downtown) p p Consumer Price Index 132.5 p Unemployment Rate 8.4 q CAD/USD $0.76 q Total Building Permits $1.111 Billion q Hornby Street $45 – $180 $20 – $50 Yaletown p $40 – $95 $20 – $30 Prime Lending Rate 2.45% Retail Sales $7.6 Billion* p Robson Street Overnight Rate 0.25% $120 – $250 $50 – $65 West Georgia p $35 – $175 $20 – $35 *Seasonally adjusted (Burrard to Bute) *Estimated 2020 | Metro Vancouver Market Report leevancouver.com/research Vancouver Submarkets Overview South Granville VANCOUVER LEASE RATES MAP South Granville is a sophisticated shopping district where premier brands have assembled outside the Downtown Core. High-end apparel and furniture retailers such as Pottery Barn, Restoration Hardware, EQ3, and Anthropologie have established themselves in this affluent shopping district. There has been some recent activity in the market as higher rates are forcing some retailers to reconsider their presence in the market. Typically vacancy rates are very low as retailers benefit from the central location and high traffic. Kitsilano (Kits) Within close proximity to The University of British Columbia, this area is popular with students and lifestyle conscious residents who enjoy Kitsilano for its organic food markets, fashion, eateries and close proximity to beaches along the south shore of English Bay. New retail tenants to Kits and its main retail corridor — West 4th Avenue — include the first Vancouver locations for eCommerce turned brick-and-mortar retailers Casper Sleep Shop, Warby Parker, and KNIX.
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