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Vancouver Retail Report Spring/Summer 2023

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Vancouver Retail Report SpringSummer 2023
  • The first few months of 2023 were a bumpy ride for the retail market in Vancouver. The activity level started hot, then was hit with the closure announcements for Bed Bath & Beyond and Nordstorm. While there was fear these shocks, combined with rising interest rates and a slowing economy, would affect the broader retail sector, the market has proven its underlying strength, resilience, and willingness to embrace change.

  • Top-quality locations remain in high demand along urban high streets, keeping the leasing market brisk and pushing down the vacancy rate. The average Urban Retail Colliers Index Vacancy Rate, currently estimated at 3.9%, is down from 4.7% in our year-end survey. Nine out of 13 urban high streets studied saw reductions in vacancy over the last six months.

  • A scarcity of options has limited business growth for those occupiers focused on grocery-anchored shopping centres, with vacancy staying exceptionally low. New development, redevelopment, and densification remains key to unlocking new opportunities for retail business to occupy. The average Suburban Retail Colliers Index Vacancy Rate is 1.5%, up from 1.0% in our year-end survey.

Vancouver Retail Report Spring/Summer 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.

Voir l'expert