Calgary demand for new retail space ‘unprecedented’: Colliers
More than 10 million square feet proposed
By Mario Toneguzzi,
Calgary Herald October 31, 2011
CALGARY — Demand for new retail space in Calgary has reached an ‘unprecedented’ level, says a report by Colliers International.
The commercial real estate firm says 27 projects comprising just over 10.7 million square feet throughout the city are in the planning, permitting or construction stage.
“The momentum of the Calgary retail market in 2011 can be best described as resilient and very robust,” says the report. “The overall vacancy rate has remained unchanged over the past 12 months at 1.45 per cent.
“Calgary has the distinction of having one of the lowest, if not the lowest, retail vacancy rates in all of North America.”
With the influx of both Canadian and international retailers, all vying for a “slice” of the Calgary market, the retail market is expected to remain very strong into 2012, with vacancy rates approaching 1.3 per cent, says Colliers.
“The retail development community is actively pursuing new projects throughout the city, including a push into inner-city mixed-use developments,” says the report.
