The year 2021 saw a strong recovery for an already resilient retail market in Metro Vancouver. Vacancy continues to decrease, market rents are higher than in 2019, and unemployment for British Columbia is down to just below pre-pandemic levels. 2021 also saw a much higher volume of sales in the retail sector than the previous year, indicating confidence in the market and capital to spend.
However, the beginning of 2022 is seeing a rise in inflation paired with the prime lending rate increasing for the first time in years. These factors in a highly competitive market could result in some players taking on more uncertainty in order to secure space or a deal in order to beat out competition or avoid increasing costs.
Stay in the know with market information delivered right to your inbox – subscribe now.