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Vancouver Retail Report Fall/Winter 2023

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Vancouver Retail Report SpringSummer 2023

As the GVA navigates its way through a somewhat tumultuous economy, retailers have shown a resilient front as evidenced by an overall decrease in retail vacancy rates.

  • Demand for retail space remains strong with marginal changes in vacancies and will likely remain strong in the coming year.
  • With the growing financial pressure of reduced spending power, buyers are adopting value-seeking behaviors.
  • Anticipated change in the retail landscape’s tenancy mix in the coming months pending the effects of CEBA loans coming due.

Vancouver Retail Report Fall/Winter 2023

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Pour plus d’informations, veuillez contacter:

Susan Thompson

Associate Director, Research

Vancouver - Rogers Tower

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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Sherman Scott

Associate Vice President

Vancouver - Rogers Tower

Sherman Scott has been a commercial real estate agent for over 25 years. He has been with Colliers since 1992 and went on to become a founding partner of the successful boutique retail real estate firm, Westmark Commercial Real Estate Group, which was purchased by Colliers in 2001.

Sherman’s passion is to add value to the disposition and acquisition of real estate assets. He is an expert at sourcing high profile retailers for his clients’ properties, while further enhancing property values. 

Sherman not only brokers deals, he initiates them. Today his focus is urban Vancouver. Through the understanding of his clients’ needs, he maximizes the value of their retail assets. During his years in the business, Sherman has built many great working relationships with vendors, purchasers, tenants and all stakeholders in the commercial real estate sector.

Sherman is sought out by media sources because he understands Vancouver’s ever-changing retail market. He has been featured on the front page of the Vancouver Province newspaper and quoted in several other publications including the Globe and Mail newspaper and BC Business magazine. 

He has contributed to several local and national newscasts including Global News and CBC National News.  He has been featured in live radio and TV interviews to discuss the changing retail landscape.

With his extensive retail marketing experience and practical business sense, Sherman will continue to maximize the value of his clients’ real estate holdings.

SAMPLING OF 2017/2018 SALE ASSIGNMENTS:

  • Sold – 1082 Granville Street, Vancouver – A fully leased retail building with development upside
  • Sold – 15 West Cordova, Vancouver - A fully leased retail building with development upside
  • Sold – 2328 Galt Street, Vancouver – A ‘shovel ready’ development site
  • Sold – 1875 West 57th Avenue, Vancouver – Strata Retail
  • Sold – 493 Marine Drive – Strata Retail
  • Sold – 1516 West 6th Avenue – Strata Retail

SAMPLING of 2017/2018 LEASING ASSIGNMENTS:

Now Leasing - The leasing of The Shops at West, a new mixed-use development in False Creek on behalf of Executive Group Development.

Leased - The leasing of 670 Smithe Street (at Granville), a three storey retail building on the Granville Strip on behalf of a private investor.

Leased - The leasing of 900 West Hastings Street, ground floor luxury retail space in downtown Vancouver on behalf of Uptown Property Group

 Leased - The leasing of 303 West Pender Street, two stories of retail space in Gastown on behalf of a private investor.

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