Demand for Retail Space in Vancouver Strong Despite Economic Uncertainty

Vancouver's retail sales are projected to rise in 2024, bolstered by the local tech industry and consumer spending. The city's downtown area is rebounding, with increased transit usage and new initiatives at Amazon's The Post. Despite a decline in the athleisure trend, the retail market outlook remains positive due to falling office vacancy rates and growth in aspirational categories. However, leasing volumes are decreasing despite the retail leasing market's significant growth. Retailers like Adidas and JD Sports are expanding, driven by limited availability and increasing rents. Despite a softer housing sector, Vancouver's retail market's long-term prospects remain strong.