The Rise of Retail Post-Pandemic
How Toronto is slowly springing back into its regular brick and mortar action.
1 min read
As restrictions are being lifted and stores opening back up, Toronto is slowly springing back into its regular brick-and-mortar auction. With the lockdown creating heavy restrictions within the past year, many business owners are hopeful that they will be able to continue operating their retail spaces like usual this time around.
The CBRE (commercial real estate services) has stated that there has been a significant rise in retail leasing happening recently as the government allows more activities and facility capacity to be increased in the province. CBRE also noted that businesses are opting for smaller spaces this time around because they adapted to more online resources, which allows them to keep track of their demand for supply (for goods & product-based stores). It is estimated that over 30% of square footage is not utilized, and new tenants are looking to reduce their unused property space to less than 20 percent and keep their stock in industrial warehouses in other areas to save on expenses.
However, the commercial industry is now looking up for both businesses and the rental market in Ontario. With many retail and industrial spaces available, companies are looking to invest as soon as possible before the majority of the properties are leased.
Reference
CBRE Outlook: Canadian Commercial Real Estate Poised to Reset in 2021. (2021, February 23). [web log]. https://www.cbre.ca/en/about/media-center/cbre-outlook-canadian-commercial-real-estate-poised-to-reset-in-2021
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