Lethbridge retail market report

2022 Q3

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

overall Lethbridge retail vacancy rate as of Q3 2022
2,407 sf

New retail SF

average size of new retail concepts since Q1 2022

Average asking rent

average NNN asking rent per sf, per year as of Q3 2022

Average TIA

average tenant improvement allowance (TIA) per sf, per year as of Q3 2022

Average additional rent

average additional rent per sf, per year as of Q3 2022
3 mo.

Average free rent period

average free rent period for new retail leases as of Q3 2022
Download Lethbridge Retail Market Report October 2022

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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.

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