Retail rents have seem to bottomed out and are once again on the rise in #Vancouver’s two prime retail strips, Robson (up 33%) and Alberni Street (up 43%).
Vancouver’s Highest Retail Rent Streets
- Robson Street ($197 US per square foot)
- Alberni Street ($147 per sq ft)
- Granville Street ($123 per sq ft)
- West 4th Avenue ($49 per sq ft)
Canada’s priciest retail space is still on Bloor Street in Toronto at $315 per square foot. It only experienced a 2% increase.
Other top Canadian retail rents per square foot include Ste. Catherine St. West in Montreal at $200 per square foot, and US$65 at 17th Avenue SW in Calgary.
Robson Street is starting to consolidate smaller retail units to land large retail flagship locations. Forever 21, Victoria’s Secret are just the tip of the iceberg. Lululemon and Sephora will soon be opening up new flagship locations on Robson as well.
Alberni Street is attracting interest from the worlds’ top luxury brands. That trend will continue with the addition of the Carlyle redevelopment and a luxury component at the base of the 745 Thurlow office tower.
Top 5 Highest Retails Rents in the World
- Fifth Avenue, Manhattan ($3,052 per square foot)
- Hong Kong’s Queen’s Road Central ($2,086 per sq ft)
- Canton Road, Tsim Sha Tsui, Hong Kong ($1,993)
- Old Bond Street, London ($1,520)
- Madison Avenue, Manhattan ($1,325).
Source: Colliers
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