Retail trade is picking up in Calgary and Edmonton, says report

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Retail business resuming in Calgary and Edmonton, report says

Decathlon is one of the retailers that have established themselves in Calgary during the COVID-19 pandemic.

Demand for commercial space for rent is strong in Edmonton and Calgary, according to the latest report from real estate company Jones Lang LaSalle.

In Calgary, this demand increased by 15% in the first quarter of 2022, compared to the same period in 2020.

The document indicates, among other things, that the high price of oil has helped revive the retail market in the two cities. Also, unlike Ontario and Quebec, Alberta had looser health restrictions that did not affect demand for commercial space rentals.

However, while the retail recovery is widespread across Alberta's Capital Territory, in Calgary it remains localized to the suburbs and the Mission district.

Vacancy continues to be high in Beltine (5.8%), Central Core South (6.1%), Central Court North (6.7%), and East Village (11.5%). %). Outside of downtown the vacancy rate is 4%, the report reads.

Jones spokesperson Lang LaSalle , Ron Odagaki, says the number of commercial space leases in downtown Calgary is still low compared to before the COVID-19 health restrictions.

< p class="e-p">Customer traffic has not returned to pre-pandemic levels, he says.

In Edmonton, commercial spaces on Whyte Avenue, well known for its bars and restaurants, are struggling to find tenants. Inflation and high interest rates would put a damper on signing leases.

Many tenants and landlords wait longer for their finance application to be approved, according to the report.

The report, however, claims that traders are optimistic that retail sales volume will increase in the coming months.

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