1、Canada Retail Rent SurveyCBRE RESEARCH H2 2022REPORTIntelligent Investment CBREs H2 2022 Retail Rent Survey presents a snapshot of retail trends and rents for 10 cities across Canada.Kate Camenzuli Vice PresidentChristina CattanaResearch ManagerExecutive SummaryExecutive Summary2CBRE RESEARCH2023 CB

2、RE LIMITEDIntelligent InvestmentCanada Retail Rent Survey H2 2022|ReportThe Canadian retail landscape continued to build momentum in the latter half of the year with markets noting stability and increased levels of activity.Asking rents have appreciated in response to a combination of demand,limited

3、 supply,and elevated construction costs.Focus across Canada has remained on construction cost challenges and higher interest rates.Together,this has put a spotlight on demand for second-generation space or units with existing build-out in place.With limited inventory,however,good real estate is bein

4、g leased quickly.National and international brands have been active across Canada in a broad range of sectors including a noted resurgence of luxury brands in urban,high-profile destinations.More market movements were reported as of H2 when compared to H1 with 24 noted increases and only three reduc

5、tions on benchmark rent prices.Geographically,the majority of the increases were seen in western provinces.TorontoOttawaHalifaxMontrealKey Urban Area BoundariesGlossaryOccupier TrendsKey FindingsExecutive SummaryCalgaryEdmontonSaskatoonWinnipegKitchener-WaterlooVancouverKey FindingsKey Findings3CBRE

6、 RESEARCH2023 CBRE LIMITEDIntelligent InvestmentCanada Retail Rent Survey H2 2022|ReportOpen-air centres are reigning supreme with power,community(unenclosed),and neighbourhood centres noting increased rental rate ranges in four of 10 markets.Demand remains strong for space in these formats,especial

7、ly if grocery or food anchored.Western provinces experienced the most widespread rent appreciation with all cities west of Winnipeg reporting a minimum of two rent increases.This was led by Saskatoon and Vancouver,both seeing increasing rates in six formats or key urban areas.Market recalibration is

8、 taking place in Montreal having noted two of three total rental declines noted across Canada this half.Construction cost challenges and higher interest rates continue to impact leasing.Tenants and landlords are working together to get deals done in the current cost environment.Despite economic head

9、winds,retail and retailer sentiment remains positive across Canada going into the new year.12345TorontoOttawaHalifaxMontrealKey Urban Area BoundariesGlossaryOccupier TrendsKey FindingsExecutive SummaryCalgaryEdmontonSaskatoonWinnipegKitchener-WaterlooVancouverOccupier TrendsMatthew JacksonVice Presi

10、dentemail|websiteOccupier Trends4CBRE RESEARCH2023 CBRE LIMITEDIntelligent InvestmentCanada Retail Rent Survey H2 2022|ReportGroceryThere has been continued growth in the grocery sector with concepts such as Farm Boy and ethnic grocers including Oceans expanding throughout Ontario.Some larger nation

11、al brands,meanwhile,have begun downsizing and reducing their home goods offerings.ApparelThe apparel sector experienced a slowdown during the pandemic with most struggling to keep up with changing lifestyles.Those that adapted or were previously suited to the consumer shift are recovering well and/o

12、r experienced growth in 2022,including Aritzia,Under Armour,and Nike.FoodQSR activity has remained strong and is benefitting from less competition against cannabis users for prime space.Freestanding pads with drive-thru are still in high demand but are difficult to find in most urban areas.Service/M

13、edicalThis 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 hospital demand and is a boon to centres as they typically occupy non-primary locations.PetPet st

14、ores have seen considerable growth on average per ticket with more pets adopted during COVID,but the number of pet retail locations,in general,remained level in 2022.Digitally NativeDigitally Native brands continue to grow both in brick and mortar,online and through other channels.Brands like Mejrui

15、,Allbirds and the recently converted Monos are paving the way for more groups to understand that brick and mortar is an important part of the retail ecosystem.ChildrenDaycares and learning centres which offer services within the childrens segment has seen growth.This differs to stores covering appar

16、el and toys,such as The Childrens Place,Disney,Gymboree,Toys“R”Us/Babies“R”Us,which have experienced closures since the onset of the pandemic.TorontoOttawaHalifaxMontrealKey Urban Area BoundariesGlossaryOccupier TrendsKey FindingsExecutive SummaryCalgaryEdmontonSaskatoonWinnipegKitchener-WaterlooVan

17、couverNet Asking Rental Rate($PSF)Rental Rate Range($PSF)see boundariesVancouverAdrian BeruschiSenior Vice Presidentemail|website5CBRE RESEARCH2023 CBRE LIMITEDIntelligent InvestmentCanada Retail Rent Survey H2 2022|Report Foot traffic levels within the downtown core remain below their pre-lockdown

18、peaks and as a result vacancy rates remain slightly elevated.Suburban shopping centres anchored by grocery tenants in close proximity to transit continue to see growing demand,primarily driven by population growth.As the residential market has slowed,numerous mixed use developments with retail podiu

19、ms have been put on hold.Opportunities still exist within the core,with mostly second generation product keeping vacancy rates elevated.Most of those who have succeeded in recent years have placed a greater emphasis on the customer experience in order to expand their consumer base.Notable new delive

20、ries for the upcoming year include The Post in downtown Vancouver and the expansion of Willowbrook Mall in Langley.Both have garnered significant traction and should pave the way for a strong year for retail in 2023.$0$20$40$60$80$100PowerCentreCommunityEnclosedCommunityUnenclosedNeighbourhood Conve

21、nience/StripMixed-UseUrbanMixed-UseSuburbanFORMATRANGEr6moRegional Mall$100-$155Power Centre$35-$55Community-Enclosed$35-$50tuCommunity-Unenclosed$20-$40tuNeighbourhood$25-$40tuConvenience/Strip$20-$35tuMixed-Use-Urban$65-$90tuMixed-Use-Suburban$60-$90tuKEY URBAN AREASAlberni Street$195-$300Robson S

22、treet$120-$185Granville Street$85-$125West 4th Avenue$60-$100TorontoOttawaHalifaxMontrealKey Urban Area BoundariesGlossaryOccupier TrendsKey FindingsExecutive SummaryCalgaryEdmontonSaskatoonWinnipegKitchener-WaterlooVancouverNet Asking Rental Rate($PSF)Rental Rate Range($PSF)see boundariesCalgaryAli

23、stair CorbettSenior Vice Presidentemail|website6CBRE RESEARCH2023 CBRE LIMITEDIntelligent InvestmentCanada Retail Rent Survey H2 2022|Report Construction cost challenges and higher interest rates are having an impact on new development projects with some increased inducements required for restaurant

24、 deals.In new development leasing you need to maximize the rent being paid to make the proforma work because of the increased costs.We are seeing a continuation of tenants looking hard at spaces with some existing infrastructure to save costs on build-out.Landlord and tenants are working together to

25、 sort out extended fixturing periods as there are always delays.It has become rare to hit initial set dates,with landlords turning over spaces later than anticipated as they struggle to complete their work due to material shortages.Tightening vacancy has resulted in increases in renewal rates and li

26、mited options for relocations.$0$10$20$30$40$50PowerCentreCommunityEnclosedCommunityUnenclosedNeighbourhoodConvenience/StripMixed-UseUrbanFORMATRANGEr6moRegional Mall$130-$165tuPower Centre$27-$29tuCommunity-Enclosed$28-$32tuCommunity-Unenclosed$40-$44Neighbourhood$38-$40tuConvenience/Strip$36-$40Mi

27、xed-Use-Urban$25-$35tuMixed-Use-Suburban$20-$35tuKEY URBAN AREAS17th Avenue SW$30-$75tuMarda Loop$42-$45tuKensington Gate$33-$37tuTorontoOttawaHalifaxMontrealKey Urban Area BoundariesGlossaryOccupier TrendsKey FindingsExecutive SummaryCalgaryEdmontonSaskatoonWinnipegKitchener-WaterlooVancouverNet As

28、king Rental Rate($PSF)Rental Rate Range($PSF)see boundariesEdmontonMatthew HansonSales Representativeemail|website7CBRE RESEARCH2023 CBRE LIMITEDIntelligent InvestmentCanada Retail Rent Survey H2 2022|Report Construction costs have continued to rise with most of the burden being passed along to tena

29、nts.Pre-leasing is greatly affected with deals slow to finalize.Rates are being set,then revisited or updated as needed if deals are slow to go unconditional.Rising interest rates and worries of a looming recession are the topics of discussion,with some tenants opting to wait and see what happens in

30、 the coming months before moving forward with space commitments.Edmontons ICE District has seen a lot more excitement and pedestrian traffic with the recent openings of Loblaws City Market,The Banquet and the Canadian Ice House restaurants.This will hopefully continue to drive people downtown to spe

31、nd money.$0$10$20$30$40$50$60PowerCentreCommunityEnclosedCommunityUnenclosedNeighbourhood Convenience/StripMixed-UseUrbanMixed-UseSuburbanFORMATRANGEr6moRegional Mall$110-$130tuPower Centre$22-$28tuCommunity-Enclosed$40-$55tuCommunity-Unenclosed$37-$42Neighbourhood$37-$42Convenience/Strip$28-$35tuMi

32、xed-Use-Urban$30-$42tuMixed-Use-Suburban$20-$32tuKEY URBAN AREASWhyte Avenue$15-$40tu124 Street$15-$35tuJasper Avenue$18-$35tuTorontoOttawaHalifaxMontrealKey Urban Area BoundariesGlossaryOccupier TrendsKey FindingsExecutive SummaryCalgaryEdmontonSaskatoonWinnipegKitchener-WaterlooVancouverNet Asking

33、 Rental Rate($PSF)Rental Rate Range($PSF)see boundariesSaskatoonBen KelleyAssociate Vice Presidentemail|website8CBRE RESEARCH2023 CBRE LIMITEDIntelligent InvestmentCanada Retail Rent Survey H2 2022|Report The retail market in Saskatchewan continues to benefit from an increasingly positive economic c

34、limate.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.While demand remains strong,some landlords are renegotiating net deals and moving tenants away from concessions provided during the pan

35、demic.Additionally,increases in construction prices coupled with steady demand for new construction has resulted in rising asking rates of roughly 7%.The latest phases of Brighton Marketplace and Meadows Market,Saskatoons newest and most prominent retail developments,are both nearly fully leased wit

36、h new phases expected to start by early 2024.While retail in the downtown core remains slower than in the suburbs,the recent return-to-office push in Q4 should accelerate the pace of transactions and bring more activity in the desirable Broadway and 8th Street area.$0$10$20$30$40PowerCentreCommunity

37、EnclosedCommunityUnenclosedNeighbourhood Convenience/StripMixed-UseUrbanMixed-UseSuburbanFORMATRANGEr6moRegional Mall$50-$85tuPower Centre$22-$28Community-Enclosed$18-$26tuCommunity-Unenclosed$30-$34Neighbourhood$26-$30Convenience/Strip$22-$28tuMixed-Use-Urban$24-$35Mixed-Use-Suburban$22-$26tuKEY UR

38、BAN AREAS8th Street E$26-$3622nd Street W$16-$26TorontoOttawaHalifaxMontrealKey Urban Area BoundariesGlossaryOccupier TrendsKey FindingsExecutive SummaryCalgaryEdmontonSaskatoonWinnipegKitchener-WaterlooVancouverNet Asking Rental Rate($PSF)Rental Rate Range($PSF)see boundariesWinnipegPaul KornelsenV

39、ice President,Managing Directoremail|website9CBRE RESEARCH2023 CBRE LIMITEDIntelligent InvestmentCanada Retail Rent Survey H2 2022|Report The Winnipeg retail market has remained steady with net rental rates holding at current values over recent quarters.Very little space has been added to the market

40、 over the last two years helping to maintain balance with demand.Retail construction in Winnipeg is heavily tied to new mixed-use developments.Neighbourhoods such as Bridgewater and Sage Creek are seeing a lot of activity,meanwhile The Refinery District and Polaris Place are creating new neighbourho

41、ods in some of the fastest growing areas of the city.Established retail nodes are experiencing low availability and are able to achieve strong rental rates whether they are grocery-anchored or not.$0$10$20$30$40$50PowerCentreCommunityEnclosedCommunityUnenclosedNeighbourhoodConvenience/StripMixed-Use

42、UrbanFORMATRANGEr6moRegional Mall$40-$50tuPower Centre$32-$40Community-Enclosed$18-$23tuCommunity-Unenclosed$16-$20Neighbourhood$18-$28Convenience/Strip$16-$26tuMixed-Use-Urban$12-$30tuKEY URBAN AREASAcademy Road$20-$30tuCorydon Avenue$15-$20tuOsborne Village$15-$20tuTorontoOttawaHalifaxMontrealKey

43、Urban Area BoundariesGlossaryOccupier TrendsKey FindingsExecutive SummaryCalgaryEdmontonSaskatoonWinnipegKitchener-WaterlooVancouverNet Asking Rental Rate($PSF)Rental Rate Range($PSF)see boundariesMel de OliveriaVice Presidentemail|websiteKitchener-Waterloo10CBRE RESEARCH2023 CBRE LIMITEDIntelligent

44、 InvestmentCanada Retail Rent Survey H2 2022|Report Downtown Kitchener retail vacancies are increasing and asking lease rates are softening with the continued reduced levels of foot traffic brought on by low office attendance rates.In addition to steady demand from restaurant and specialty grocery u

45、sers,we are seeing an increase in tenants providing personal services such as fitness training,hair and nail salons,spas,and physiotherapists.A number of cannabis tenants are giving up their spaces and in many cases are being replaced by tenants that are not paying the same premium.Development activ

46、ity continues to be predominantly through mixed-use projects with retail on the ground floor.Limited projects are moving forward elsewhere unless if built-to-suit.FORMATRANGEr6moRegional Mall$65-$80tuPower Centre$14-$24tuCommunity-Enclosed$20-$40tuCommunity-Unenclosed$32-$42tuNeighbourhood$28-$38tuC

47、onvenience/Strip$32-$40tuMixed-Use-Urban$25-$35tuKEY URBAN AREASBelmont Village1$25-$40tuUptown Waterloo2$25-$40tuDowntown Kitchener3$20-$35q1Belmont Avenue W2King Street S3King Street W$0$10$20$30$40$50PowerCentreCommunityEnclosedCommunityUnenclosedNeighbourhoodConvenience/StripMixed-UseUrbanToront

48、oOttawaHalifaxMontrealKey Urban Area BoundariesGlossaryOccupier TrendsKey FindingsExecutive SummaryCalgaryEdmontonSaskatoonWinnipegKitchener-WaterlooVancouverNet Asking Rental Rate($PSF)Rental Rate Range($PSF)see boundariesArlin MarkowitzExecutive Vice Presidentemail|websiteToronto11CBRE RESEARCH202

49、3 CBRE LIMITEDIntelligent InvestmentCanada Retail Rent Survey H2 2022|Report Pent-up demand from deferred decisions over the last two years has bubbled over.Downtown continues to see positive absorption with second-generation space remaining the most desirable.For those that are looking to locate do

50、wntown now is the time with tenants and landlords working together to achieve balanced deal terms.With increased levels of demand,landlords are prioritizing tenants with good covenants and are being slightly more selective than six months ago.Bloor Street had a strong finish to the year with record

51、levels of leasing activity from the luxury sector.The Well,meanwhile,is due for occupancy in the coming year and is now approximately 80%pre-leased.Smaller units remain available at this exciting development which will transform the area.FORMATRANGEr6moRegional Mall$155-$165Power Centre$45-$50Commun

52、ity-Enclosed$40-$45tuCommunity-Unenclosed$25-$30tuNeighbourhood$18-$25tuConvenience/Strip$20-$25tuMixed-Use-Urban$35-$65tuMixed-Use-Suburban$30-$50KEY URBAN AREASBloor-Yorkville$200-$250Yonge-Dundas$100-$150tuKing Street W$75-$100tuQueen Street W$75-$110tu$0$20$40$60$80PowerCentreCommunityEnclosedCo

53、mmunityUnenclosedNeighbourhood Convenience/StripMixed-UseUrbanMixed-UseSuburbanTorontoOttawaHalifaxMontrealKey Urban Area BoundariesGlossaryOccupier TrendsKey FindingsExecutive SummaryCalgaryEdmontonSaskatoonWinnipegKitchener-WaterlooVancouverNet Asking Rental Rate($PSF)Rental Rate Range($PSF)see bo

54、undariesOttawaJamie BoyceSenior Vice Presidentemail|website12CBRE RESEARCH2023 CBRE LIMITEDIntelligent InvestmentCanada Retail Rent Survey H2 2022|Report Continued positive activity was seen throughout the second half of 2022,with strong leasing and momentum in all formats throughout the Ottawa mark

55、et.By category,QSR is the most active for new leasing followed by furniture,home improvement,activewear retailers,and financial institutions.Despite the current cost environment,the new development pipeline is the most active it has been in recent years due to a lack of second-generation space.Looki

56、ng forward to 2023,excitement is building around the sale of the Ottawa Senators,placing attention on the city and the associated future of LeBreton Flats.$0$20$40$60PowerCentreCommunityEnclosedCommunityUnenclosedNeighbourhoodConvenience/StripMixed-UseUrbanFORMATRANGEr6moRegional Mall$75-$110tuPower

57、 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-$45tuTorontoOttawaHalifaxMontrealKey Urban Area BoundariesGlossar

58、yOccupier TrendsKey FindingsExecutive SummaryCalgaryEdmontonSaskatoonWinnipegKitchener-WaterlooVancouverNet Asking Rental Rate($PSF)Rental Rate Range($PSF)see boundariesChristopher RundleAssociate Vice Presidentemail|websiteMontreal13CBRE RESEARCH2023 CBRE LIMITEDIntelligent InvestmentCanada Retail

59、Rent Survey H2 2022|Report$0$20$40$60$80PowerCentreCommunityEnclosedCommunityUnenclosedNeighbourhood Convenience/StripMixed-UseUrbanMixed-UseSuburban Demand for retail space has rebounded with improved market sentiment in Montreal.New-to-market entries are being seen from domestic and international

60、players alike,and F&B tenants are expanding and opening new restaurants once again.Labour shortages are still an issue,but are improving and presenting less of a hurdle for some.Rental rates have increased in the suburbs and slightly decreased downtown.Construction costs have come down since their r

61、ecord high,however,financing has skyrocketed leading some groups to pause on new commitments.Development activity has slowed due to the increase in interest rates.Major projects are still in progress but new development and major acquisition plays have effectively stopped overnight as a result.FORMA

62、TRANGEr6moRegional Mall$90-$105qPower Centre$35-$40tuCommunity-Enclosed$20-$30tuCommunity-Unenclosed$25-$35tuNeighbourhood$25-$35Convenience/Strip$18-$28tuMixed-Use-Urban$25-$65qMixed-Use-Suburban$25-$60tuKEY URBAN AREASSainte-Catherine Street W$150-$175tuRue de la Montagne$65-$85tuSherbrooke Street

63、 W$35-$70tuSaint-Laurent Boulevard$25-$65tuTorontoOttawaHalifaxMontrealKey Urban Area BoundariesGlossaryOccupier TrendsKey FindingsExecutive SummaryCalgaryEdmontonSaskatoonWinnipegKitchener-WaterlooVancouverNet Asking Rental Rate($PSF)Rental Rate Range($PSF)see boundariesRebecca ToddSales Associatee

64、mail|websiteHalifax14CBRE RESEARCH2023 CBRE LIMITEDIntelligent InvestmentCanada Retail Rent Survey H2 2022|Report The market sentiment remains positive in Halifax with significant leasing and development activity taking place.Power centres,neighbourhood,and enclosed malls are all healthy and perform

65、ing well.Rental rates meanwhile have remained steady over the last six months across all formats.Long-time vacancies have been leased to mid-box,F&B,pet supply and fitness retailers.New-to-market and existing,successful retailers are aggressively expanding in Halifax because they recognize the citys

66、 growth and are capitalizing on this opportunity.Development activity continues to progress with significant mixed-use developments transforming the downtown core.Well-planned projects such as Richmond Yards,the largest mixed-use development in Halifax,are building communities and creating more oppo

67、rtunities for retailers to expand.FORMATRANGEr6moRegional Mall$65-$85tuPower Centre$28-$30tuCommunity-Enclosed$15-$18tuCommunity-Unenclosed$18-$20tuNeighbourhood$28-$32tuConvenience/Strip$24-$26tuMixed-Use-Urban$32-$36tuMixed-Use-Suburban$20-$22tuKEY URBAN AREASSpring Garden Road$65-$75tuQuinpool Ro

68、ad$36-$40tu$0$10$20$30$40PowerCentreCommunityEnclosedCommunityUnenclosedNeighbourhood Convenience/StripMixed-UseUrbanMixed-UseSuburbanTorontoOttawaHalifaxMontrealKey Urban Area BoundariesGlossaryOccupier TrendsKey FindingsExecutive SummaryCalgaryEdmontonSaskatoonWinnipegKitchener-WaterlooVancouverVa

69、ncouverCalgaryEdmontonSaskatoonWinnipegKitchener-WaterlooTorontoOttawaMontrealHalifaxKey Urban Area Boundaries*Inclusive of Yorkville VillageAlberni StreetThurlow St-Burrard StRobson StreetBute St-Burrard StGranville StreetSmithe St-W Pender StWest 4th AvenueVine St-Maple St17th Avenue SW9th St SW-4

70、th 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 St-100 St NW8th Street ECumberland Ave S-Circle Dr E22nd Street WIdylwyld Dr N-Circle DrAcademy RoadLockwood St-Cambridge StCorydon A

71、venueOsborne St-Harrow StOsborne VillageRoslyn Road-Donald StBelmont Village (Belmont Avenue W)Union Blvd-Glasgow StUptown Waterloo (King Street S)Young St W-William St EDowntown Kitchener (King Street W)Water St S-Frederick StBloor-YorkvilleAvenue Rd-Yonge St-SS of Bloor St W-NS of Yorkville Ave*Yo

72、nge-DundasGerrard St E-Queen StKing Street WBathurst St-Spadina AveQueen Street WBathurst St-University AveGlebe(Bank Street)Powell Ave-Rideau CanalByWard MarketClarence St-Rideau St-Sussex Dr-Dalhousie StWestboro (Richmond Road)Golden Ave-McRea AveSainte-Catherine Street WBishop St-McGill College A

73、veRue de la MontagneSherbrooke St W-Ste-Catherine St WSherbrooke Street WClairmont Ave-Roslyn AveSaint-Laurent BoulevardMont-Royal Ave W-Prince Arthur St WSpring Garden RoadBarrington St-South Park StQuinpool RoadRobie St-Connaught Ave15CBRE RESEARCH2023 CBRE LIMITEDIntelligent InvestmentCanada Reta

74、il Rent Survey H2 2022|ReportTorontoOttawaHalifaxMontrealKey Urban Area BoundariesGlossaryOccupier TrendsKey FindingsExecutive SummaryCalgaryEdmontonSaskatoonWinnipegKitchener-WaterlooVancouverGlossary16CBRE RESEARCH2023 CBRE LIMITEDIntelligent InvestmentCanada Retail Rent Survey H2 2022|ReportMetho

75、dology:Net asking rental rate ranges are provided by CBREs retail advisory&transaction service professionals.Ranges are intended 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.Assumption

76、s also include a 10-year deal with standard inducements to a tenant with good covenant and desirability(excluding anchors).In 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-t

77、enancy,which come at a premium relative to the remainder of the centre.r6mo:Change over the last six months,indicated as an 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

78、Mall:Enclosed centres that have strong anchors with a high percentage of national tenants in CRU space.Occupiers focus on general merchandise or fashion-oriented offerings.Properties are typically anchored by at least two large format tenants,including most often a department store.The typical centr

79、e size is greater than 300,000 SF and has a trade area of 8 20 km or larger.Power Centre:Unenclosed centres comprised of freestanding 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

80、,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 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 cen

81、tres.The average centre size is between 100,000 400,000 SF and has a trade area under 10 km.Neighbourhood:Unenclosed centres 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

82、is between 40,000 100,000 SF and has a trade area under 5 km.Convenience/Strip:Unenclosed centres providing convenience shopping 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

83、limited trade area.Mixed-Use:Multi-component structure developed as a single and coherent entity where its retail component 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 m

84、alls having a large selection of goods and services.Key Urban Areas:Streetfront properties either centrally located along a 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 pa

85、rking structure.TorontoOttawaHalifaxMontrealKey Urban Area BoundariesGlossaryOccupier TrendsKey FindingsExecutive SummaryCalgaryEdmontonSaskatoonWinnipegKitchener-WaterlooVancouver Copyright 2023.All rights reserved.This report has been prepared in good faith,based on CBREs current anecdotal and evi

86、dence based views of the commercial real estate market.Although CBRE believes its views reflect market conditions on 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

87、 projections based on CBREs subjective analyses of current market circumstances.Other firms may have different opinions,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 opi

88、nions,projections,analyses or market circumstances later change.Nothing in this report should be construed as an indicator 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

89、on the views herein.CBRE disclaims all liability for securities purchased or sold based on information herein,and by 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,

90、completeness,adequacy or your use of the information herein.Report AuthorsMarc MeehanDirector,ResearchMarc.MChristina CattanaResearch Manager Christina.CAlex EdmisonSenior Vice President,TorontoAlex.EKate Camenzuli Vice President,TorontoKate.CAdrian BeruschiSenior Vice President,VancouverAdrian.BAli

91、stair CorbettSenior Vice President,CalgaryAlistair.CJohn MossVice President,CalgaryJohn.MMatthew HansonSales Representative,EdmontonMatthew.HLandlord Transaction ServicesBen KelleyAssociate Vice President,SaskatoonBen.KPaul KornelsenVice President&Managing Director,WinnipegPaul.KMel de OliveriaVice

92、President,Kitchener-WaterlooMel.deOArlin MarkowitzExecutive Vice President,TorontoArlin.MMatthew PieszchalaVice President,TorontoMatthew.PJamie BoyceSenior Vice President,OttawaJamie.BChristopher RundleAssociate Vice President,MontrealChristopher.RRebecca ToddSales Associate,HalifaxRebecca.TContactsTenant Transaction ServicesMatthew JacksonVice President,Toronto NorthMatthew.J Geoffrey SmithDirector,Toronto NorthGeoffrey.SValuation&Appraisal ServicesAaron HarlangManaging DirectorAaron.H