Lethbridge retail market report
2022 Q3
Lethbridge Retail Market Report Text
October 2022
The retail vacancy has remained stable in the Lethbridge market and currently sits at 3% compared to 2.5% in Q3 of 2021. Having a diverse economy with a strong agricultural base allows Lethbridge to experience sustained growth in the face of economic challenges such as inflation, rising interest rates, and supply chain disruption. In this report, we examine three top trends in the local retail market.Read the full report at the link below.
01 – Restaurant downsizing
Lethbridge is moving away from the traditional sit-down restaurant in favour of digital/mobile orders, drive-thrus, pick-up windows, and curbside pickup. We have seen a decrease in QSR space size by 10-20% on average with concepts eliminating most of their seating capacity, often keeping their number of seats to 10 and under.02 - Wellness services
Wellness and outpatient services have been expanding since COVID-19 and are now moving into traditional retail spaces. With these types of services requiring significant square footage, they can backfill traditional retail centres and support mixed-use developments. Retail spaces offer advantages to wellness services, primarily more visibility, accessibility, and convenience.03 - Retail spaces
Retail businesses are more inclined to favour outdoor malls, strip malls, and outparcels with the benefits of ground floor exposure, access, and the opportunity for warehouse space. The ‘off-mall’ movement of retail represents the consumer mentality shift to preferring an efficiency-based shopping experience where quick access, pick-up, and contactless service is supported.Retail vacancy
New retail SF
Average asking rent
Average TIA
Average additional rent
Average free rent period
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Get in-depth retail market reports and insights from commercial real estate experts in the Lethbridge area. Avison Young advisors look at Lethbridge commercial real estate activities and the latest Lethbridge statistics to provide you expert market research on Lethbridge retail properties.
Explore different topics like the latest retail market pricing trends and analysis of Lethbridge's current retail real estate market conditions. Gain a better understanding of Lethbridge’s retail real estate outlook and stay ahead of current retail space trends. Make smart decisions when it comes to investing in retail properties in Lethbridge's competitive retail real estate market. Avison Young is your trusted source for commercial real estate retail market insights in Lethbridge.
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