Edmonton Real Estate Forum 2011

partnership.
performance.
Edmonton Real Estate Forum 2011
Introduction of Panel
Panel:
Matt Keenan, Assistant Vice President of Leasing, RioCan Real Estate Investment Trust
Andrew Megson, President, Springwood Land Corp.
Geoff Stollery, Vice President – Real Estate, Best Buy Canada
Christopher Wood, Principal/Broker, Northwest Atlantic (Canada) Inc.
Moderator:
Arlyn Stoik, Principal, Avison Young Real Estate Alberta Inc.
Edmonton Retail
Vacancy Rates
Edmonton
Retail Inventory
Sales Growth
in Alberta
Retail Sales in Canada
Alberta Job Growth
Change in Jobs January 2010 – January 2011 (000s)
Projections for 2011/2012
Construction costs
New development
Rental rates
Vacancy
Sales
Job Growth
The north is starting to roll!
Playing catch-up
How much can Tenants pay?
Moderate decrease. Need new product!
With Alberta 3rd in country, who is better?
Labour availability and cost?
New Developments
Major new developments:
1.North St. Albert
2. Albany Market Square/
Newcastle Centre
3. Griesbach
4. Manning Town Centre
5. Crosstown Motors
6. West Henday Promenade
7. West Granville Centre
8. Emerald Hills
9. Century Crossing
Major Redevelopments:
10. Baseline Village
11. Capilano Mall
12. Finesse Building
North St. Albert
North of Highway 633 on Highway 2, St. Albert, AB
Manning Town Centre
NE corner of Manning Drive and 153 Avenue,
Edmonton, AB
Albany Market Square
NW corner of 127 Street and 167 Avenue, Edmonton, AB
Griesbach
NW corner of 97 Street and 137 Avenue, Edmonton, AB
West Granville Centre
South of Whitemud Drive on 215 Street, Edmonton, AB
West Henday Promenade
NW corner of 199 Street and 87 Avenue, Edmonton, AB
Emerald Hills
SW corner of Emerald Drive and Clover Bar Road,
Sherwood Park, AB
Emerald Hills
SW corner of Highway 16 and Sherwood Drive,
Sherwood Park, AB
Crosstown Motors
NE corner of 120 Street and 104 Avenue, Edmonton, AB
Century Crossing
NE corner of Highway 16A and Century Road,
Spruce Grove, AB
Retail in Edmonton
Major projects on the horizon:
While most of the retail development in Edmonton has been servicing the
suburban residential, two future in-fill projects will have a large affect on the
Edmonton retail marketplace:
Downtown Arena District
Redevelopment of City Centre Airport
New Entrants
Retail Markets
Retail Universe 491,628,585 sq. ft.
Vacancy 4.5%
22,123,286 sq. ft.
Population 34,278,400
11,947,364,278 sq. ft
7.2%
860,210,228 sq. ft.
310,300,000
Retail Space per Capita 14.3 sq. ft
38.5 sq. ft.
Annual Retail Spending $450,000,000,000
$4,560,000,000,000
Annual Retail Spending per Capita $13,127.80
$14,695.46
US Retail in Canada
What is attracting US retailers into the Canadian market?
-Healthy economy and low unemployment, 7.7%
-7.1% rise in consumer confidence
-Increase in retail sales by 5% in 2010, with projected increase of 3.5% in
2011, 4.5% in 2012 and 4.4% in 2013
-Close proximity to US allows for simple expansion of existing distribution
channels
-Lower retail space per capita
-Limited domestic room for growth
-US retail sales continue to lag
Failed US Retailers
partnership.
performance.
Edmonton Real Estate Forum 2011