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1、Canada Retail Rent SurveyCBRE RESEARCH H1 2023REPORTIntelligent Investment CBREs H1 2023 Retail Rent Survey presents a snapshot of retail trends and rents for 11 cities across Canada.Kate Camenzuli Vice PresidentChristina CattanaResearch ManagerExecutive SummaryExecutive Summary2CBRE RESEARCH2023 CB
2、RE LIMITEDIntelligent InvestmentCanada Retail Rent Survey H1 2023|ReportThe Canadian retail landscape experienced positive but mixed results in the first half of the year,with stronger performance being reported in select formats or nodes.The current economic climate,inflation and elevated interest
3、rates have paused leasing activity amongst some retailers,but not all.The most active category groups vary by market and are most frequently led by QSR and personal services.As has been the case,good real estate continues to be leased quickly,resulting in limited vacancy amongst the most in-demand f
4、ormats,particularly those that are unenclosed.This is expected to continue,and when paired with a softening supply pipeline -a byproduct of higher construction costs-could result in further rental appreciation over the next six months.Select cities have noted challenges with downtown areas,citing sl
5、ower foot traffic from reduced office occupancy.This sentiment and its subsequent impact on urban retail formats are not uniform across the country;however,this category represents the greatest share of rent increases reported in this survey.In fact,five of 11 markets saw rental appreciation in two
6、or more key urban nodes.High streets in Toronto,namely Bloor-Yorkville,remain a top destination for high profile retailers.Meanwhile,Sainte Catherine Street West in Montreal has seen an uptick in activity with initial phases of construction of the street revitalization nearing completion.More upward
7、 market movements were reported in H1 in comparison to prior editions of this report with 29 noted increases and only one reduction in benchmark rent prices.Geographically,Montreal and Calgary reported the highest number of rental rate increases,respectively up in eight and six formats or key urban
8、areas.TorontoOttawaHalifaxMontrealKey Urban Area BoundariesGlossaryOccupier TrendsKey FindingsExecutive SummaryCalgaryEdmontonSaskatoonWinnipegKitchener-WaterlooVictoriaVancouverKey FindingsKey Findings3CBRE RESEARCH2023 CBRE LIMITEDIntelligent InvestmentCanada Retail Rent Survey H1 2023|ReportOpen-
9、air centres are reigning supreme with community(unenclosed),neighbourhood and convenience centres noting increased rental rate ranges in three of 11 markets.Demand remains strong for space in these formats,especially if grocery or food anchored.Key urban areas face various headwinds,however demand r
10、emains strong for the most desirable nodes:30%of high streets or streetfronts included in this report saw rental rate appreciation.Mixed-use,both urban and suburban,is gaining traction with each noting rental rate increases in three of 11 markets.Montreal and Calgary reported the highest number of r
11、ental rate increases,respectively up in eight and six formats or key urban areas.This was followed by Halifax(+5)and Toronto(+4).Sentiment remains optimistic across markets despite economic conditions.Activity remains positive,with best-in-class locations leasing quickly.12345TorontoOttawaHalifaxMon
12、trealKey Urban Area BoundariesGlossaryOccupier TrendsKey FindingsExecutive SummaryCalgaryEdmontonSaskatoonWinnipegKitchener-WaterlooVictoriaVancouverOccupier TrendsGeoffreySmithDirectoremail|websiteOccupier Trends4CBRE RESEARCH2023 CBRE LIMITEDIntelligent InvestmentCanada Retail Rent Survey H1 2023|
13、ReportGroceryThere has been continued growth in the grocery sector not only within the traditional large format box,but from smaller independent groups.There is also an increasing demand for highly specialized grocery,such as ethnic,health/alternative”.ApparelThe apparel sector has seen limited grow
14、th of new to market entrants,with more Canadian groups growing south of the boarder rather than coming north.Traditionally strong Canadian apparel groups continue to grow strategically throughout the market.FoodQSR activity continues to remain strong as there is more offerings coming to market.Frees
15、tanding pads with drive-thru continue to be in high demand with limited availability.Service/MedicalThis sector has seen significant growth from non-traditional users such as fertility,medical spas,and plastic surgery clinics.The introduction of these minor elective surgery clinics has offloaded hos
16、pital demand and is a boon to centres as they typically occupy non-primary locations.PetPet stores have seen considerable growth on average per ticket,however the number of pet retail locations has remained consistent.There are a few first to market entrants looking at the country with a focus on da
17、ycare and boarding.Digitally NativeDigitally native brands are continuing to expand their physical presence.Brands that would not have traditionally had a mono branded brick and mortar presence are starting to roll out locations.There is expected to be continued strategic growth in this sector.Child
18、renThere continues to be limited growth in the children sector from toy related stores,to daycares and entertainment facilities.There has also been limited growth from an international entrant perspective.TorontoOttawaHalifaxMontrealKey Urban Area BoundariesGlossaryOccupier TrendsKey FindingsExecuti
19、ve SummaryCalgaryEdmontonSaskatoonWinnipegKitchener-WaterlooVictoriaVancouverNet Asking Rental Rate($PSF)Rental Rate Range($PSF)see boundariesVictoriaJeffLougheedVice Presidentemail5CBRE RESEARCH2023 CBRE LIMITEDIntelligent InvestmentCanada Retail Rent Survey H1 2023|Report The softening downtown of
20、fice market and new hybrid work model has put further pressure on retailers that are reliant on daytime foot traffic.The cruise and tourism industry during the seasonal months is expected to drive additional activity to the downtown retail front.Grocery-anchored shopping centres in the suburban area
21、s continue to be in high demand and have outperformed streetfront retail over the past few quarters.Mall and plaza space continues to be highly sought after and hold at a low vacancy rate year-over-year.Colwood Corners has recently completed construction and is over 80%leased.The re-development of U
22、niversity Heights will include residential and commercial components and will be completed over multiple phases.The Commons at Royal Bay is nearing completion and will offer over 76,000 sq.ft.of space.$0$20$40$60PowerCentreCommunityEnclosedCommunityUnenclosedNeighbourhood Convenience/StripMixed-UseU
23、rbanMixed-UseSuburbanFORMATRANGEr6moRegional Mall$40-$50tuPower Centre$35-$45tuCommunity-Enclosed$20-$30tuCommunity-Unenclosed$20-$35tuNeighbourhood$25-$35tuConvenience/Strip$20-$30tuMixed-Use-Urban$30-$40tuMixed-Use-Suburban$25-$45tuKEY URBAN AREASGovernment Street$50-$80tuJohnson Street$20-$45tuFo
24、rt Street$20-$45tuTorontoOttawaHalifaxMontrealKey Urban Area BoundariesGlossaryOccupier TrendsKey FindingsExecutive SummaryCalgaryEdmontonSaskatoonWinnipegKitchener-WaterlooVictoriaVancouverNet Asking Rental Rate($PSF)Rental Rate Range($PSF)see boundariesVancouverAdrian BeruschiSenior Vice President
25、email|website6CBRE RESEARCH2023 CBRE LIMITEDIntelligent InvestmentCanada Retail Rent Survey H1 2023|Report The return of cruise ships to Vancouver has revitalized the downtown core,a major attraction of BCs tourism industry.The record resurgence of both ships and passengers,global conferences,and ot
26、her notable conventions have contributed to a substantial increase in foot traffic and is projected to drive the rebound of Vancouvers retail market.The exit of Nordstrom from Canada initially took the retail community by surprise,however has presented a rare generational opportunity for an internat
27、ional or domestic department store to absorb and reimagine the space left vacant.The popular live-work-play concept continues to push landlords to reassess their assets.Key shopping centers throughout Metro Vancouver have started to innovate and evolve their master plans to incorporate mixed-use com
28、ponents with the intent to revolutionize the way we view these centers as communities.$0$20$40$60$80$100PowerCentreCommunityEnclosedCommunityUnenclosedNeighbourhood Convenience/StripMixed-UseUrbanMixed-UseSuburbanFORMATRANGEr6moRegional Mall$100-$155tuPower Centre$35-$55tuCommunity-Enclosed$35-$50tu
29、Community-Unenclosed$20-$40tuNeighbourhood$25-$40tuConvenience/Strip$20-$35tuMixed-Use-Urban$65-$90tuMixed-Use-Suburban$60-$90tuKEY URBAN AREASAlberni Street$195-$300tuRobson Street$120-$185Granville Street$85-$125tuWest 4th Avenue$60-$100TorontoOttawaHalifaxMontrealKey Urban Area BoundariesGlossary
30、Occupier TrendsKey FindingsExecutive SummaryCalgaryEdmontonSaskatoonWinnipegKitchener-WaterlooVictoriaVancouverNet Asking Rental Rate($PSF)Rental Rate Range($PSF)see boundariesCalgaryAlistair CorbettSenior Vice Presidentemail|website7CBRE RESEARCH2023 CBRE LIMITEDIntelligent InvestmentCanada Retail
31、Rent Survey H1 2023|Report Large format restaurants continue to come back to the market.Good locations are transacting,however,some are sitting stale and may be repositioned into other uses.Smaller format restaurants(under 4,000 sq.ft.)and QSR spaces continue to be in high demand and with a healthy
32、amount of turnover occurring.Downtown Calgary has remained challenged,with crime becoming more and more of a concern at streetfront level across urban areas.The opposite story is unfolding in the suburbs which has continued to rock,with high tenant retention and renewal rates showing healthy increas
33、es in most cases.Tenant financing is a challenge,however is not limiting growth in Calgary.Daycare operators have boomed in the city,along with personal services which have rebounded.Fashion retailers meanwhile are seeking alternative brick and mortar locations.$0$10$20$30$40$50PowerCentreCommunityE
34、nclosedCommunityUnenclosedNeighbourhood Convenience/StripMixed-UseUrbanMixed-UseSuburbanFORMATRANGEr6moRegional Mall$130-$165tuPower Centre$27-$29tuCommunity-Enclosed$28-$32tuCommunity-Unenclosed$42-$46Neighbourhood$38-$40tuConvenience/Strip$38-$40Mixed-Use-Urban$25-$45Mixed-Use-Suburban$35-$45KEY U
35、RBAN AREAS17th Avenue SW$40-$75Marda Loop$40-$44qKensington Gate$35-$37TorontoOttawaHalifaxMontrealKey Urban Area BoundariesGlossaryOccupier TrendsKey FindingsExecutive SummaryCalgaryEdmontonSaskatoonWinnipegKitchener-WaterlooVictoriaVancouverNet Asking Rental Rate($PSF)Rental Rate Range($PSF)see bo
36、undariesEdmontonMatthew HansonSales Representativeemail|website8CBRE RESEARCH2023 CBRE LIMITEDIntelligent InvestmentCanada Retail Rent Survey H1 2023|Report Downtown Edmonton office towers struggling to find retail tenants and are starting to view these offerings more like amenities to the building.
37、This means that the right tenant may be able to get better than normal rates.Landlords are willing to get more flexible on deal structure to make this happen.Rising interest rates and worries of a looming recession are still a main topic of discussion.A lot of retailers dont have an immediate need t
38、o expand and are waiting until market conditions become more favourable before committing to new spaces.Events like the Edmonton Oilers playoff run,local festivals and pedestrians enjoying summer patios have increased the number of people going out for dinners and spending in the downtown core as we
39、ll as at suburban F&B establishments.$0$10$20$30$40$50$60PowerCentreCommunityEnclosedCommunityUnenclosedNeighbourhood Convenience/StripMixed-UseUrbanMixed-UseSuburbanFORMATRANGEr6moRegional Mall$110-$130tuPower Centre$22-$28tuCommunity-Enclosed$40-$55tuCommunity-Unenclosed$38-$43Neighbourhood$37-$42
40、tuConvenience/Strip$28-$35tuMixed-Use-Urban$30-$42tuMixed-Use-Suburban$20-$32tuKEY URBAN AREASWhyte Avenue$15-$40tu124 Street$15-$35tuJasper Avenue$18-$35tuTorontoOttawaHalifaxMontrealKey Urban Area BoundariesGlossaryOccupier TrendsKey FindingsExecutive SummaryCalgaryEdmontonSaskatoonWinnipegKitchen
41、er-WaterlooVictoriaVancouverNet Asking Rental Rate($PSF)Rental Rate Range($PSF)see boundariesSaskatoonBen KelleyAssociate Vice Presidentemail|website9CBRE RESEARCH2023 CBRE LIMITEDIntelligent InvestmentCanada Retail Rent Survey H1 2023|Report The retail market in Saskatchewan continues to benefit fr
42、om an increasingly positive economic climate.Commodity prices in primary industries are driving growth in jobs,wages,and immigration,which is having a positive effect on retail sales and brand expansion.Demand remains strong,however the generous concessions provided to tenants during the pandemic ar
43、e slowly being pulled back.Increases in construction prices coupled with steady demand for new construction has resulted in landlords being less flexible on net rates.While retail in the downtown core remains slower than in the suburbs,the desirable Broadway and 8th Street area is showing early sign
44、s of acceleration in the pace of transactions.$0$10$20$30$40PowerCentreCommunityEnclosedCommunityUnenclosedNeighbourhood Convenience/StripMixed-UseUrbanMixed-UseSuburbanFORMATRANGEr6moRegional Mall$50-$85tuPower Centre$22-$28tuCommunity-Enclosed$18-$26tuCommunity-Unenclosed$30-$34tuNeighbourhood$26-
45、$30tuConvenience/Strip$22-$28tuMixed-Use-Urban$24-$35tuMixed-Use-Suburban$22-$26tuKEY URBAN AREAS8th Street E$26-$36tu22nd Street W$16-$26tuTorontoOttawaHalifaxMontrealKey Urban Area BoundariesGlossaryOccupier TrendsKey FindingsExecutive SummaryCalgaryEdmontonSaskatoonWinnipegKitchener-WaterlooVicto
46、riaVancouverNet Asking Rental Rate($PSF)Rental Rate Range($PSF)see boundariesWinnipegPaul KornelsenVice President,Managing Directoremail|website10CBRE RESEARCH2023 CBRE LIMITEDIntelligent InvestmentCanada Retail Rent Survey H1 2023|Report The Winnipeg Retail market remains strong with net rental rat
47、es increasing slightly over recent quarters.With little new supply being provided to the market in the last few years,the market remains competitive especially within primary retail nodes.New developments continue taking place including:The Refinery District,comprised of 27 acres of retail space;Sag
48、e Creek Village North,which will be made up of 14 acres of retail space;and Polaris Place,a mixed-use development comprised of both retail and multifamily buildings.This past quarter LS Properties announced their acquisition of Pembina Crossings,a prime grocery anchored mixed-use development in Sout
49、hern Winnipeg.This retail hub is home to a variety of big box retailers,restaurants and professional offices.$0$10$20$30$40$50PowerCentreCommunityEnclosedCommunityUnenclosedNeighbourhoodConvenience/StripMixed-UseUrbanFORMATRANGEr6moRegional Mall$40-$50tuPower Centre$32-$40tuCommunity-Enclosed$18-$23
50、tuCommunity-Unenclosed$16-$20tuNeighbourhood$22-$32Convenience/Strip$16-$26tuMixed-Use-Urban$12-$30tuKEY URBAN AREASAcademy Road$20-$30tuCorydon Avenue$18-$24Osborne Village$18-$24TorontoOttawaHalifaxMontrealKey Urban Area BoundariesGlossaryOccupier TrendsKey FindingsExecutive SummaryCalgaryEdmonton
51、SaskatoonWinnipegKitchener-WaterlooVictoriaVancouverNet Asking Rental Rate($PSF)Rental Rate Range($PSF)see boundariesMel de OliveriaVice Presidentemail|websiteKitchener-Waterloo11CBRE RESEARCH2023 CBRE LIMITEDIntelligent InvestmentCanada Retail Rent Survey H1 2023|Report Demand remains strong from r
52、estaurant and specialty grocery uses.Tenants providing personal services are also increasing,including personal fitness training,hair and nail salons,spas,and physiotherapists.Well located strip plaza vacancies are attracting multiple offers.Uptown Waterloo retail vacancies meanwhile remain low and
53、continue to command higher rents than Downtown Kitchener.Primaris REIT recently announced its purchase of the 585,000 sq.ft.Conestoga Mall in Waterloo from Invanhoe Cambridge.Conestoga Mall is amongst the top-15 most productive malls in Canada.They have indicated plans to lease up 58,000 sq.ft.of va
54、cant or“temporary tenanted”space and convert tenants on preferred lease deals to standard leases.FORMATRANGEr6moRegional Mall$65-$80tuPower Centre$14-$24tuCommunity-Enclosed$20-$40tuCommunity-Unenclosed$32-$42tuNeighbourhood$28-$38tuConvenience/Strip$32-$40tuMixed-Use-Urban$25-$35tuKEY URBAN AREASBe
55、lmont Village1$25-$40tuUptown Waterloo2$25-$40tuDowntown Kitchener3$20-$35tu1Belmont Avenue W2King Street S3King Street W$0$10$20$30$40$50PowerCentreCommunityEnclosedCommunityUnenclosedNeighbourhoodConvenience/StripMixed-UseUrbanTorontoOttawaHalifaxMontrealKey Urban Area BoundariesGlossaryOccupier T
56、rendsKey FindingsExecutive SummaryCalgaryEdmontonSaskatoonWinnipegKitchener-WaterlooVictoriaVancouverNet Asking Rental Rate($PSF)Rental Rate Range($PSF)see boundariesArlin MarkowitzExecutive Vice Presidentemail|websiteToronto12CBRE RESEARCH2023 CBRE LIMITEDIntelligent InvestmentCanada Retail Rent Su
57、rvey H1 2023|Report Leasing momentum continues to increase with brands setting their sights on Toronto.This period of expansion and growth has seen large floor plates all but disappear in the core and rental rates appreciate.The supply pipeline is narrowing,and when coupled with reduced vacancy,is r
58、esulting in more activity among 2nd tier product.Hot corridors within the city include Bloor Street,where demand is the highest it has been in the last decade,as well as trendy Ossington.Yorkdale Shopping Centre meanwhile has virtually no vacancy and remains a top destination for shoppers and retail
59、ers alike.Full service restaurants have been notably active,including in the CBD.Inflation and interest rates have slowed consumer spending,however this has not curbed business plans for retailers with proven product.FORMATRANGEr6moRegional Mall$155-$165tuPower Centre$45-$50tuCommunity-Enclosed$40-$
60、45tuCommunity-Unenclosed$25-$30tuNeighbourhood$18-$25tuConvenience/Strip$20-$25tuMixed-Use-Urban$35-$65Mixed-Use-Suburban$30-$50tuKEY URBAN AREASBloor-Yorkville$200-$250Yonge-Dundas$100-$150tuKing Street W$75-$125Queen Street W$75-$110tuOssington Ave$60-$80$0$20$40$60$80PowerCentreCommunityEnclosedC
61、ommunityUnenclosedNeighbourhood Convenience/StripMixed-UseUrbanMixed-UseSuburbanTorontoOttawaHalifaxMontrealKey Urban Area BoundariesGlossaryOccupier TrendsKey FindingsExecutive SummaryCalgaryEdmontonSaskatoonWinnipegKitchener-WaterlooVictoriaVancouverNet Asking Rental Rate($PSF)Rental Rate Range($P
62、SF)see boundariesOttawaJamie BoyceSenior Vice Presidentemail|website13CBRE RESEARCH2023 CBRE LIMITEDIntelligent InvestmentCanada Retail Rent Survey H1 2023|Report Continued positive activity was seen throughout the first half of 2023,with strong leasing and momentum in all formats throughout the Ott
63、awa market.QSR remains the most active category for new leasing followed by furniture,home improvement,activewear retailers,and financial institutions.The Nordstrom announcement has cast a shadow over the Rideau Centre,however,a number of new and expanding tenants have been announced,demonstrating t
64、he strength and desirability of the mall.The Trainyards,meanwhile,has lost Bed,Bath and Beyond,Buy Buy Baby,and Nordstrom Rack among others,resulting in material large-box vacancy that requires leasing attention.$0$20$40$60PowerCentreCommunityEnclosedCommunityUnenclosedNeighbourhoodConvenience/Strip
65、Mixed-UseUrbanFORMATRANGEr6moRegional Mall$75-$110tuPower Centre$25-$35tuCommunity-Enclosed$45-$55tuCommunity-Unenclosed$35-$45tuNeighbourhood$28-$38tuConvenience/Strip$32-$40tuMixed-Use-Urban$35-$45tuKEY URBAN AREASGlebe(Bank Street)$38-$50tuByWard Market$35-$50tuWestboro(Richmond Road)$32-$45tuTor
66、ontoOttawaHalifaxMontrealKey Urban Area BoundariesGlossaryOccupier TrendsKey FindingsExecutive SummaryCalgaryEdmontonSaskatoonWinnipegKitchener-WaterlooVictoriaVancouverNet Asking Rental Rate($PSF)Rental Rate Range($PSF)see boundariesChristopher RundleAssociate Vice Presidentemail|websiteMontreal14C
67、BRE RESEARCH2023 CBRE LIMITEDIntelligent InvestmentCanada Retail Rent Survey H1 2023|Report$0$20$40$60$80PowerCentreCommunityEnclosedCommunityUnenclosedNeighbourhood Convenience/StripMixed-UseUrbanMixed-UseSuburban The demand for retail spaces in grocery-anchored centers has gone up cementing this a
68、s the most desirable retail asset class,as has been the case since the start of the pandemic.Retail deals on Sainte-Catherine Street West are being done between$90 and$200 net.This is highly dependent on location,either corner or inline co-tenancy,with the most in-demand areas commanding even more.S
69、ainte-Catherine Street West is seeing an influx of new retailers,both national and international,coming to market and opening flagship stores.This long overdue influx is a result of the first phases of the street revitalization being complete,filling up key vacancies that closed shop during the long
70、 process.FORMATRANGEr6moRegional Mall$90-$105tuPower Centre$35-$40tuCommunity-Enclosed$20-$30tuCommunity-Unenclosed$25-$35tuNeighbourhood$25-$35Convenience/Strip$18-$28Mixed-Use-Urban$25-$65Mixed-Use-Suburban$25-$60KEY URBAN AREASSainte-Catherine Street W$150-$180Rue de la Montagne$70-$90Sherbrooke
71、Street W$45-$80Saint-Laurent Boulevard$30-$65TorontoOttawaHalifaxMontrealKey Urban Area BoundariesGlossaryOccupier TrendsKey FindingsExecutive SummaryCalgaryEdmontonSaskatoonWinnipegKitchener-WaterlooVictoriaVancouverNet Asking Rental Rate($PSF)Rental Rate Range($PSF)see boundariesRebecca ToddSales
72、Associateemail|websiteHalifax15CBRE RESEARCH2023 CBRE LIMITEDIntelligent InvestmentCanada Retail Rent Survey H1 2023|Report Halifax continues to experience strong leasing activity.Restaurants,both local and national,pet,salons/spas,professional and financial services are expanding.Vacancy continues
73、to trend downward as these retailers lease up new supply as well as existing space.Rental rates for grocery-anchored strip centres are on the rise as these properties are in high demand and vacancy is minimal.Power centres are also performing well,particularly Bayers Lake,with rental rates remaining
74、 stable.High construction costs has limited new construction for small or single-tenanted buildings.Activity continues to progress however with significant mixed-use developments,which are transforming the Halifax Peninsula.Projects such as the Cunard on the Halifax Waterfront are creating new neigh
75、bourhoods with large public spaces and new retail opportunities.FORMATRANGEr6moRegional Mall$65-$85tuPower Centre$28-$30tuCommunity-Enclosed$16-$20Community-Unenclosed$18-$22Neighbourhood$28-$34Convenience/Strip$24-$28Mixed-Use-Urban$32-$36tuMixed-Use-Suburban$22-$24KEY URBAN AREASSpring Garden Road
76、$65-$75tuQuinpool Road$36-$40tu$0$10$20$30$40PowerCentreCommunityEnclosedCommunityUnenclosedNeighbourhood Convenience/StripMixed-UseUrbanMixed-UseSuburbanTorontoOttawaHalifaxMontrealKey Urban Area BoundariesGlossaryOccupier TrendsKey FindingsExecutive SummaryCalgaryEdmontonSaskatoonWinnipegKitchener
77、-WaterlooVictoriaVancouverVictoriaVancouverCalgaryEdmontonSaskatoonWinnipegKitchener-WaterlooTorontoOttawaMontrealHalifaxKey Urban Area Boundaries*Inclusive of Yorkville VillageGovernment StreetWharf St-Pandora AveJohnson StreetWharf St-Douglas StFort StreetWharf St-Cook StAlberni StreetThurlow St-B
78、urrard StRobson StreetBute St-Burrard StGranville StreetSmithe St-W Pender StWest 4th AvenueVine St-Maple St17th Avenue SW9th St SW-4th St SWMarda Loop22nd St SW-19th St SWKensington GateKensington Rd NW-10A St NW-10 St NWWhyte Avenue109 St NW-99 St NW124 StreetJasper Ave-109 Ave NWJasper Avenue124
79、St-100 St NW8th Street ECumberland Ave S-Circle Dr E22nd Street WIdylwyld Dr N-Circle DrAcademy RoadLockwood St-Cambridge StCorydon AvenueOsborne St-Harrow StOsborne VillageRoslyn Road-Donald StBelmont Village (Belmont Avenue W)Union Blvd-Glasgow StUptown Waterloo (King Street S)Young St W-William S
80、t EDowntown Kitchener (King Street W)Water St S-Frederick StBloor-YorkvilleAvenue Rd-Yonge St-SS of Bloor St W-NS of Yorkville Ave*Yonge-DundasGerrard St E-Queen StKing Street WBathurst St-Spadina AveQueen Street WBathurst St-University AveOssington AveQueen St W-Dundas St WGlebe(Bank Street)Powell
81、Ave-Rideau CanalByWard MarketClarence St-Rideau St-Sussex Dr-Dalhousie StWestboro (Richmond Road)Golden Ave-McRea AveSainte-Catherine Street WBishop St-McGill College AveRue de la MontagneSherbrooke St W-Ste-Catherine St WSherbrooke Street WClairmont Ave-Roslyn AveSaint-Laurent BoulevardMont-Royal A
82、ve W-Prince Arthur St WSpring Garden RoadBarrington St-South Park StQuinpool RoadRobie St-Connaught Ave16CBRE RESEARCH2023 CBRE LIMITEDIntelligent InvestmentCanada Retail Rent Survey H1 2023|ReportTorontoOttawaHalifaxMontrealKey Urban Area BoundariesGlossaryOccupier TrendsKey FindingsExecutive Summa
83、ryCalgaryEdmontonSaskatoonWinnipegKitchener-WaterlooVictoriaVancouverGlossary17CBRE RESEARCH2023 CBRE LIMITEDIntelligent InvestmentCanada Retail Rent Survey H1 2023|ReportMethodology:Net asking rental rate ranges are provided by CBREs retail advisory&transaction service professionals.Ranges are inte
84、nded to indicate what asking rents would be as of the reports date for a well-performing Class A centre with a strong and stable tenant mix in each respective market.Assumptions also include a 10-year deal with standard inducements to a tenant with good covenant and desirability(excluding anchors).I
85、n the case of Regional Malls,we have also looked at the most coveted CRU locations within Class A centres,i.e.in areas with high foot traffic,good visibility and desirable co-tenancy,which come at a premium relative to the remainder of the centre.r6mo:Change over the last six months,indicated as an
86、arrow showing as either up(),down(q)or stable(tu).CRU:Commercial Rental UnitPSF:unit of measurement,per sq.ft.QSR:Quick Service RestaurantSF:unit of measurement,sq.ft.Regional Mall:Enclosed centres that have strong anchors with a high percentage of national tenants in CRU space.Occupiers focus on ge
87、neral merchandise or fashion-oriented offerings.Properties are typically anchored by at least two large format tenants,including most often a department store.The typical centre size is greater than 300,000 SF and has a trade area of 8 20 km or larger.Power Centre:Unenclosed centres comprised of fre
88、estanding and mostly unconnected single-story properties or“big boxes”,often including at least one large format brand name anchor tenant.The typical centre size is between 100,000 1,000,000 SF and has a trade area of 8 20 km or larger.Community:Enclosed or unenclosed centres that serve a community
89、and are generally anchored by some combination of a junior department store,supermarket,or pharmacy.Typically offer a wider range of apparel and soft goods to neighbourhood centres.The average centre size is between 100,000 400,000 SF and has a trade area under 10 km.Neighbourhood:Unenclosed centres
90、 that serve a neighbourhood and are generally anchored by a supermarket or pharmacy.Typically offer a wider range of goods to convenience/strip centres.The average centre size is between 40,000 100,000 SF and has a trade area under 5 km.Convenience/Strip:Unenclosed centres providing convenience shop
91、ping for the daily needs of consumers in the immediate area.Centres offer a narrow mix of goods and personal services.The typical centre size is under 40,000 SF and has a very limited trade area.Mixed-Use:Multi-component structure developed as a single and coherent entity where its retail component
92、is located as part of the podium below or alongside non-retail uses(residential,office,or hotel).In urban settings,these centres can share similar characteristics to regional malls having a large selection of goods and services.Key Urban Areas:Streetfront properties either centrally located along a
93、high-profile retail corridor or side by side along major urban thoroughfares in close proximity to public transit.Parking is typically available on street or within a public parking structure.TorontoOttawaHalifaxMontrealKey Urban Area BoundariesGlossaryOccupier TrendsKey FindingsExecutive SummaryCal
94、garyEdmontonSaskatoonWinnipegKitchener-WaterlooVictoriaVancouver Copyright 2023.All rights reserved.This report has been prepared in good faith,based on CBREs current anecdotal and evidence based views of the commercial real estate market.Although CBRE believes its views reflect market conditions on
95、 the date of this presentation,they are subject to significant uncertainties and contingencies,many of which are beyond CBREs control.In addition,many of CBREs views are opinion and/or projections based on CBREs subjective analyses of current market circumstances.Other firms may have different opini
96、ons,projections and analyses,and actual market conditions in the future may cause CBREs current views to later be incorrect.CBRE has no obligation to update its views herein if its opinions,projections,analyses or market circumstances later change.Nothing in this report should be construed as an ind
97、icator of the future performance of CBREs securities or of the performance of any other companys securities.You should not purchase or sell securitiesof CBRE or any other companybased on the views herein.CBRE disclaims all liability for securities purchased or sold based on information herein,and by
98、 viewing this report,you waive all claims against CBRE as well as against CBREs affiliates,officers,directors,employees,agents,advisers and representatives arising out of the accuracy,completeness,adequacy or your use of the information herein.Report AuthorsMarc MeehanDirector,ResearchMarc.MChristin
99、a CattanaResearch Manager Christina.CAlex EdmisonSenior Vice President,TorontoAlex.EKate Camenzuli Vice President,TorontoKate.CJeff LougheedVice President,VictoriaJeff.LAdrian BeruschiSenior Vice President,VancouverAdrian.BAlistair CorbettSenior Vice President,CalgaryAlistair.CJohn MossVice Presiden
100、t,CalgaryJohn.MMatthew HansonSales Representative,EdmontonMatthew.HLandlord Transaction ServicesBen KelleyAssociate Vice President,SaskatoonBen.KPaul KornelsenVice President&Managing Director,WinnipegPaul.KMel de OliveriaVice President,Kitchener-WaterlooMel.deOArlin MarkowitzExecutive Vice President
101、,TorontoArlin.MMatthew PieszchalaVice President,TorontoMatthew.PJamie BoyceSenior Vice President,OttawaJamie.BChristopher RundleAssociate Vice President,MontrealChristopher.RRebecca ToddSales Associate,HalifaxRebecca.TContactsValuation&Appraisal ServicesTenant Transaction ServicesAaron HarlangManaging DirectorAaron.HMatthew JacksonVice President,Toronto NorthMatthew.J Geoffrey SmithDirector,Toronto NorthGeoffrey.S