Retailers Face Tougher Search for Space as Construction Drops to 10-year Low: JLL
Store owners might be having a harder time finding rental property as the amount of retail space under construction in major Canadian markets dropped to its lowest level in a decade. Retail construction starts amounted to 1.5 million square feet in the first half of this year, commercial real estate firm JLL said in a new report.
TL;DR
- Retail construction starts in major Canadian markets have reached a decade low.
- In the first half of this year, 1.5 million square feet of retail space started construction.
- This figure is down from 2.7 million square feet in the same period last year and 5.3 million square feet in the first half of 2016.
- Rising building costs, redevelopment of existing retail spaces, and cancelled residential projects with ground-floor retail are cited as reasons for the decline.