More Jobs, Higher Retail Sales, and Great Commercial Real Estate Opportunities in Vancouver, BC
Real Estate News for Vancouver
More Jobs, Higher Retail Sales, and Great Commercial Real Estate Opportunities in Vancouver, BC
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(Posted on Nov 18, 2018 at 10:07AM by Danielle Smyth)
According to a recent market update from Marcus & Millichap, more jobs have led to a massive increase in spending power. This means great things for investors in the commercial real estate industry. Unemployment is at its lowest level in 50 years, meaning that consumers have more money to pay for goods and services. This has led to an influx of retailers, particularly in the off-price market (stores like Marshalls and TJ Maxx).The brief from Marcus & Millichap reveals that, in September, core retail sales posted a 5.0 percent year-over-year gain. This number is above the 10-year average of 3.1 percent. One area of particular growth was for clothing retailers, who reported one of the largest annual increases at 8.1 percent. This is particularly noteworthy, since that category’s 10-year average is just 2.1 percent.
What does this mean for investors? Retail stores are likely to continue to attempt to enter the market, and this means that your purchase of commercial space available for lease will likely bear tremendous fruit.
Want to learn more about how these trends might impact Canada? Get in touch with Marcus & Millichap's Vancouver office. One of our experienced commercial real estate advisors will be happy to provide additional information.
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