Some smaller retailers are packing up and leaving Vancouveras rents rise and some owners would prefer to leave retail units empty:
“Certain areas of Vancouver are hollowing out,” Patterson said.
On Denman and Robson, he suggested it is due to higher rents, some of which is tied to rezoning potential.
“Some landlords don’t want to lower [retail] rents because it reduces the value of their building,” he said. “They would rather leave [storefronts] empty.”
Retail lease rates on Robson Street range from $120 to $250 per square foot, the second highest in the city behind Alberni Street, according to a recent survey by Cushman & Wakefield.
A second-quarter 2018 study by commercial realtor Marcus & Millchap showed the average price of a retail property sold in Vancouver this year was in excess of $1,000 per square foot, up 25 per cent from 2017. Average retail rents now average $30.10 per square foot, up nearly 10 per cent from 2017, the agency added.
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