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Marcus and Millichap Report Indicates Good News for Retailers in Vancouver, BC
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(Posted on Nov 5, 2018 at 02:02AM by Danielle Smyth)
Trends in the commercial real estate market have led many small retailers to close their doors in Vancouver. According to Marcus & Millichap in a second-quarter 2018 study, the average price of retail property sold in the city this year cost more than $1,000 per square foot. This represents a 25 percent hike from 2017 rates. In addition, the average rent for a retail space is now at about $30.10 per square foot. That’s up almost 10 percent from 2017.According to experts in the real estate industry, however, high and low-end retail, as well as food-service locations, continue to perform well in Vancouver. This is good news for investors, who should be able to attract luxury brands to empty storefronts and charge a premium for the space. Furthermore, the city is actually doing well when compared to elsewhere in Canada. In fact, Vancouver’s retail vacancy rate is 1.7 percent overall, with a 2.5 percent rate in the downtown area. Both of these numbers are well below the nation’s average.
Would you like to learn more about how you might fit in to the ever-changing real estate investment market? Contact Marcus & Millichap's Vancouver office and allow one of our experienced commercial real estate advisors to answer all of your questions.
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