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EDMONTON RETAIL EDMONTON RETAIL MARKET OVERVIEW MARKET OVERVIEW Vacancy Rates Vacancy Rates Retail Sales Retail Sales Retail Absorption/Construction Activity Retail Absorption/Construction Activity Retail Trends Retail Trends • • Changing Cost Structures Changing Cost Structures • • Changing Prototypes for Retailers Changing Prototypes for Retailers • • New Retail Formats New Retail Formats Presented by: Presented by: Darren Snider Darren Snider May 4, 2005 May 4, 2005 2005 Edmonton Real Estate Forum 2005 Edmonton Real Estate Forum

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Page 1: Edmonton Retail Market Overview - Real Estate Forums · 2005 Edmonton Real Estate Forum. VACANCY RATES Edmonton Retail Vacancy Rates 8.18% 6.12% 4.85% 4.12% 0.00% 2.00% ... Edmonton

EDMONTON RETAIL EDMONTON RETAIL MARKET OVERVIEWMARKET OVERVIEW

Vacancy RatesVacancy RatesRetail SalesRetail SalesRetail Absorption/Construction ActivityRetail Absorption/Construction ActivityRetail TrendsRetail Trends•• Changing Cost StructuresChanging Cost Structures•• Changing Prototypes for RetailersChanging Prototypes for Retailers•• New Retail FormatsNew Retail Formats

Presented by:Presented by:

Darren SniderDarren SniderMay 4, 2005May 4, 2005

2005 Edmonton Real Estate Forum2005 Edmonton Real Estate Forum

Page 2: Edmonton Retail Market Overview - Real Estate Forums · 2005 Edmonton Real Estate Forum. VACANCY RATES Edmonton Retail Vacancy Rates 8.18% 6.12% 4.85% 4.12% 0.00% 2.00% ... Edmonton

VACANCY RATESVACANCY RATES

Edmonton Retail Vacancy Rates

8.18%

6.12%4.85%

4.12%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

Dec '01 Dec '02 Dec '03 Dec '04

Vaca

ncy

Rat

e

Source: The Network Survey

Page 3: Edmonton Retail Market Overview - Real Estate Forums · 2005 Edmonton Real Estate Forum. VACANCY RATES Edmonton Retail Vacancy Rates 8.18% 6.12% 4.85% 4.12% 0.00% 2.00% ... Edmonton

RETAIL SALESRETAIL SALES

Canadian Retail SalesAll Stores - Year-to-Date Feb. 05 vs. Feb. 04

3.60%

7.20%

3.60%

5.90%

1.30%

4.60%

0.00%1.00%2.00%3.00%4.00%5.00%6.00%7.00%8.00%

BC Alberta Ontario Quebec AtlanticCanada

CanadianAverage

Sale

s In

crea

se

Page 4: Edmonton Retail Market Overview - Real Estate Forums · 2005 Edmonton Real Estate Forum. VACANCY RATES Edmonton Retail Vacancy Rates 8.18% 6.12% 4.85% 4.12% 0.00% 2.00% ... Edmonton

RETAIL ABSORPTION/RETAIL ABSORPTION/CONSTRUCTION ACTIVITYCONSTRUCTION ACTIVITY

City of Edmonton Retail Absorption

633,000

1,000,000 1,019,000

397,000

0

200,000

400,000

600,000

800,000

1,000,000

2001 2002 2003 2004

Sq.F

t.

Source: The Network Survey

Page 5: Edmonton Retail Market Overview - Real Estate Forums · 2005 Edmonton Real Estate Forum. VACANCY RATES Edmonton Retail Vacancy Rates 8.18% 6.12% 4.85% 4.12% 0.00% 2.00% ... Edmonton

RETAIL TRENDSRETAIL TRENDS

Changing Cost Structures

• Increase in rents

• Increase in construction costs

• Retail developers are now competing with multi-family developers for the same land

• Recruiting and employee retention costs are increasing

Page 6: Edmonton Retail Market Overview - Real Estate Forums · 2005 Edmonton Real Estate Forum. VACANCY RATES Edmonton Retail Vacancy Rates 8.18% 6.12% 4.85% 4.12% 0.00% 2.00% ... Edmonton

RETAIL TRENDSRETAIL TRENDS

Changing Prototypes for major retailers

• Retailers are able to enter smaller markets by creating new store prototypes.

Page 7: Edmonton Retail Market Overview - Real Estate Forums · 2005 Edmonton Real Estate Forum. VACANCY RATES Edmonton Retail Vacancy Rates 8.18% 6.12% 4.85% 4.12% 0.00% 2.00% ... Edmonton

SPRUCE GROVE SPRUCE GROVE –– HOME DEPOTHOME DEPOTSMALL MARKET PROTOTYPESMALL MARKET PROTOTYPE

100,000 sq.ft. to 60,000 sq.ft.

Page 8: Edmonton Retail Market Overview - Real Estate Forums · 2005 Edmonton Real Estate Forum. VACANCY RATES Edmonton Retail Vacancy Rates 8.18% 6.12% 4.85% 4.12% 0.00% 2.00% ... Edmonton

STAPLES STAPLES –– NEW PROTOTYPESNEW PROTOTYPES

20,000 sq.ft. – Urban Markets15,000 sq.ft. – Secondary Markets5,000 – 12,000 sq.ft. – Downtown Markets

Page 9: Edmonton Retail Market Overview - Real Estate Forums · 2005 Edmonton Real Estate Forum. VACANCY RATES Edmonton Retail Vacancy Rates 8.18% 6.12% 4.85% 4.12% 0.00% 2.00% ... Edmonton

NEW RETAIL FORMATSNEW RETAIL FORMATS

• Lifestyle Centres

• New Downtown Retail

• Urban Villages

• Evolution of Power Centres

Page 10: Edmonton Retail Market Overview - Real Estate Forums · 2005 Edmonton Real Estate Forum. VACANCY RATES Edmonton Retail Vacancy Rates 8.18% 6.12% 4.85% 4.12% 0.00% 2.00% ... Edmonton

LIFESTYLE CENTRE

PARK ROYAL, VANCOUVERPARK ROYAL, VANCOUVER

Page 11: Edmonton Retail Market Overview - Real Estate Forums · 2005 Edmonton Real Estate Forum. VACANCY RATES Edmonton Retail Vacancy Rates 8.18% 6.12% 4.85% 4.12% 0.00% 2.00% ... Edmonton

CONTINUED GROWTH OF RETAIL CONTINUED GROWTH OF RETAIL DOWNTOWNDOWNTOWN

Page 12: Edmonton Retail Market Overview - Real Estate Forums · 2005 Edmonton Real Estate Forum. VACANCY RATES Edmonton Retail Vacancy Rates 8.18% 6.12% 4.85% 4.12% 0.00% 2.00% ... Edmonton

URBAN VILLAGEURBAN VILLAGE

CenturyCentury ParkPark

Page 13: Edmonton Retail Market Overview - Real Estate Forums · 2005 Edmonton Real Estate Forum. VACANCY RATES Edmonton Retail Vacancy Rates 8.18% 6.12% 4.85% 4.12% 0.00% 2.00% ... Edmonton

South Edmonton CommonSouth Edmonton Common

THE EVOLUTION OF THE THE EVOLUTION OF THE POWER CENTREPOWER CENTRE

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