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Greater Vancouver Retail Report Spring/Summer 2022

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Colliers Greater Vancouver Retail Report 2022

As confidence in returning to in-person activities grew through late 2021 and accelerated into 2022, so did traffic to retail stores and the demand for retailers to reopen or open new ones. As a result, both urban and suburban retail market locations are experiencing extreme lows in vacancy.

  • The average Urban Retail vacancy rate is estimated at 2.5%. A higher rate of vacancies can be found in the Central Business District (CBD), due to slow and inconsistent return to office policies and an absence of business conferences, although this is changing at a rapid pace. Gastown and Chinatown were also affected as a result of limited foot traffic and lack of tourism.
  • The average Suburban Retail vacancy rate is 2.3%. Tenants looking to locate in suburban areas are having challenges finding options. As a result, the focus of demand is shifting to projects yet to be constructed.
  • Most new retail development, both in the urban and suburban markets, is taking the form of mixed-use projects. Developers in the Greater Vancouver market continue to need to be creative in order to make sense of the land prices.
 

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Greater Vancouver Retail Report Spring/Summer 2022

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Madeleine Nicholls

Senior Managing Director, Brokerage | Vancouver

Vancouver

Madeleine is Managing Director of the GTA and joined Colliers in March 2020. Prior to that she worked at Dream and lead the National Retail Division, and prior to that worked  with several major Landlords across Canada, as well as in brokerage. Madeleine is a global citizen having lived on 3 continents and  traveled to over 30 countries, and with this Madeleine looks to bring the best in class worldwide examples to our practice. 

Madeleine has extensive experience working on some of the pre-eminent developments in Canada.  She has successfully leased up of a variety of mixed use and retail projects ranging in size from urban retail to 73 acre retail/office/residential mixed use developments.  She has exceptional tenant relationship management and expertise in redevelopment of properties to maximize value.

Madeleine has expertise at all levels of new business development from strategic planning and acquisitions to prospecting, pitching, negotiating offers and leases, and build out of space.  Innovative business developer, team leader and mentor with proven ability to inspire and achieve results by creating a collaborative and streamlined environment focused on delivering superb results.  Madeleine has deep connections in the real estate industry and a passion to deliver results that exceed expectations.

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Susan Thompson

Associate Director, Research

Vancouver

Susan is a long-standing analyst and commentator on the commercial real estate market.  Her continuing work with local, national, and international media as a commentator for the commercial real estate sector has given her recognition within the industry as one of the preeminent sources of information and knowledge for leasing and transaction analysis and market trends.

Susan was previously with Avison Young working as their Research and Insight Manager over the course of nine years  (a boomerang employee: with them for four years, away for five years, then back for five years). She was responsible for dozens of reports on the Calgary commercial real estate market, covering office, retail and industrial leasing as well as business condominium properties and commercial property sales. More recently she focused on data-driven storytelling through reports, media work, and client engagement utilizing techology and analytics to help make better-informed decisions. 

In between periods with Avison Young, she spent over five years with Calgary Economic Development; first as their Business Development Manager specializing in Real Estate, helping companies bringing their business to Calgary navigate the local commercial real estate market, then as their overall Research Manager providing economic analysis and commentary on the Calgary market.

In prior years, after starting her career in assessment, Susan spent over seven years with RealNet Canada, the leading provider of third-party commercial real estate sales information. Working her way up from Research Analyst to Manager for the Calgary office, Susan analyzed thousands of commercial real estate transactions and is extremely knowledgeable about the commercial real estate market in Calgary. 

Susan has a Bachelor of Commerce degree, with a major in Management Science from the University of Alberta. Well recognized in the industry, Susan’s name is often seen in the media as she provides commentary and insight on current commercial real estate topics. Susan's breadth of knowledge across the commercial real estate market and in data analytics is an asset across the industry.

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