Marketbeat Retail Snapshot

Marketbeat Retail Snapshot

MARKETBEAT RETAIL SNAPSHOT EDMONTON, ALBERTA Q4 2012 A Cushman & Wakefield Research Publication ECONOMIC OVERVIEW suburban Edmonton, retail is rapidly growing as several new As 2012 ended, Alberta continued to be a strong developments are being completed and others are slated to begin economic force driving the Canadian economy construction. forward. In November 2012, the Alberta OUTLOOK economy created 10,100 jobs following a gain of Edmonton’s retail market ended the year very strong, with soaring 5,000 in October and the unemployment rate retail sales and several new U.S.-based retailers entering the market. dropped to a four-year low of 4.2% versus 7.2% nationally. In early This trend is likely to continue over the next few years with a number January 2012, oil was trading close to $99 USD per barrel and ended of developments slated to be constructed in the upcoming year, December at around $90 USD per barrel, while the Canadian Dollar sat supporting the entrance of new retailers. Among the most significant, slightly below parity with the U.S. Dollar at $0.99 at the end of 2012. Target is set to enter the market over the next several years with five The economic outlook remains bright as the Alberta and Federal locations planned in Bonnie Doon, Mill Woods Town Centre, West Canadian governments continue to push to expand Canada’s energy Edmonton Mall, St. Albert and Sherwood Park. exports to new markets. RETAIL MARKET OVERVIEW ECONOMIC INDICATORS Edmonton’s overall vacancy rate was 2.6% at year-end, with REGIONAL 2011 2012F 2013F approximately 800,000 square feet added this year, resulting in a total CPI Growth 2.4% 1.2% 2.1% inventory of approximately 28 million square feet. Retail growth in GDP Growth 5.2% 3.4% 2.8% Edmonton is strong and growing, as evidenced by the large number of Population 1,196,117 1,218,480 1,240,460 new retailers that have recently opened, including: Simon’s, William Unemployment Sonoma, Pottery Barn, J. Crew and David’s Bridal to name a few. In 5.4% 4.7% 4.4% Source: BMO, Capital Markets Economics MARKET HIGHLIGHTS Significant Q3-Q4 2012 Lease Transactions PROPERTY TENANT SQUARE FEET Manning Crossing, Sunwapta Lowes 150,000 West Edmonton Mall Simons 120,000 Sunwapta LA Fitness 50,000 Currents of Windermere, Emerald Hills Wines and Beyond 20,000, 17,000 South Edmonton Common David’s Bridal, Structube 29,000, 15,000 Significant Q3-Q4 2012 Sale Transactions SUBMARKET TENANTS PURCHASE PRICE / $PSF Namao 160 Northeast Shopper’s Drug Mart $51,000,000 / $471 The Grange Centre Northwest Safeway, $32,300,000 / $546 Christy’s Corner Northwest World Health Club, Golf Town, Cineplex $36,186,000 / $326 Palisades Shopping Centre Northwest Safeway, Jenny Craig $18,900,000 / $347 Significant Projects Under Construction SUBMARKET MAJOR TENANT COMPLETION DATE Century Crossing Phase III Spruce Grove Michaels, Sport Chek Q3 13 Currents of Windermere Southwest Cineplex, Home Depot, Safeway Q3 13 McConachie Northeast TBA Q3 13 Millennium Ridge Sherwood Park Starbucks, Sumo Sumo Q3 13 Emerald Hills Sherwood Park Winners, Petsmart Q4 13 Newcastle Northwest Walmart Q4 13 Upper Windermere Southwest TBA Q4 13 Albany Northwest Walmart, Dollarama, Co-op Gas Bar Q4 14 The market terms and definitions in this report are based on NAIOP standards. No Cushman & Wakefield Edmonton For more information, contact: warranty or representation, express or implied, is made to the accuracy or completeness 1 10123 – 99 Street Cushman & Wakefield, Retail Division of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special Edmonton, AB T5J 3H1 780-420-1177 listing conditions imposed by our principals. www.cushmanwakefield.com/knowledge [email protected] © 2012 Cushman & Wakefield, Inc. All rights reserved. .

View Full Text

Details

  • File Type
    pdf
  • Upload Time
    -
  • Content Languages
    English
  • Upload User
    Anonymous/Not logged-in
  • File Pages
    1 Page
  • File Size
    -

Download

Channel Download Status
Express Download Enable

Copyright

We respect the copyrights and intellectual property rights of all users. All uploaded documents are either original works of the uploader or authorized works of the rightful owners.

  • Not to be reproduced or distributed without explicit permission.
  • Not used for commercial purposes outside of approved use cases.
  • Not used to infringe on the rights of the original creators.
  • If you believe any content infringes your copyright, please contact us immediately.

Support

For help with questions, suggestions, or problems, please contact us