{"id":7681,"date":"2017-12-21T10:10:25","date_gmt":"2017-12-21T18:10:25","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=7681"},"modified":"2017-12-08T20:16:40","modified_gmt":"2017-12-09T04:16:40","slug":"what-is-the-future-of-the-canadian-commercial-real-estate-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/12\/what-is-the-future-of-the-canadian-commercial-real-estate-market\/","title":{"rendered":"What is the Future of the Canadian Commercial Real Estate Market?"},"content":{"rendered":"<p style=\"text-align: justify;\">This year saw the demise of Canadian retail giant Sears, which announced it would liquidate its remaining 130 stores in October. The news had many industry watchers buzzing about the decline of the Canadian commercial real estate market. But one expert says the market\u2019s doing just fine \u2014 it\u2019s just in a period of transition.<\/p>\n<p style=\"text-align: justify;\">\u201cYou\u2019re seeing brands realize the importance of placemaking, of making their store a destination, not just a place to shop,\u201d LiveWorkLearnPlay partner and principal Rob Spanier tells BuzzBuzzNews.<\/p>\n<p style=\"text-align: justify;\">Spanier says that, now that most of consumers\u2019 needs can be met through online shopping, brick-and-mortar locations need to draw people in with what he calls \u201cexperiential retail.\u201d<\/p>\n<p style=\"text-align: justify;\">\u201cWhen you look at something like what\u2019s happening in Yorkdale, almost every store you look at is very consciously thinking about what in-store experiences will draw in customers,\u201d says Spanier. \u201cYou have huge lines for things like Drake\u2019s store. These are brands that are taking the necessary steps to make their store a destination.\u201d<\/p>\n<p style=\"text-align: justify;\">It\u2019s advice that Canadian brands seem to be taking to heart. While Canada\u2019s remaining department store seems to be struggling \u2014 the Bay\u2019s shares have dropped 22 per cent so far in 2017 \u2014 other companies are doubling down on their brick-and-mortar locations.<\/p>\n<p style=\"text-align: justify;\">This week, Roots announced plans for an additional 10 Canadian and 14 US locations in the new year, after a year of 10 per cent sales growth. Roots president Jim Gabel says that the company will also be renovating existing stores, in an attempt to \u2014 you guessed it \u2014 add to the \u201cin-store experience.\u201d<\/p>\n<p style=\"text-align: justify;\">Meanwhile, earlier this year, Cadillac Fairview converted a former Vancouver Sears\u2019 location from a 700,000-square-foot department store into a mixed-use building, complete with a 250,000-square-foot Nordstrom and office tenants, which include Microsoft.<\/p>\n<p>Nearly 15 million square feet of retail space will be added to the Canadian commercial real estate market now that Sears\u2019 has closed, and mixed-use spaces may be one use for the abandoned locations.<\/p>\n<p style=\"text-align: justify;\">According to Spanier, mixed-use is key to good placemaking. But he also says that it has to be done thoughtfully if it\u2019s going to work.<\/p>\n<p style=\"text-align: justify;\">\u201cWhen we talk about mixed-use buildings, doing the bare minimum isn\u2019t enough anymore,\u201d says Spanier. \u201cFor instance, if you have a condo building and you put a Tim Hortons or a Shoppers Drug Mart at the bottom, that\u2019s not placemaking.\u201d<\/p>\n<p style=\"text-align: justify;\">Spanier says that, when it comes to commercial real estate in 2018, thoughtfully curated mixed-use buildings are the future. \u201cA carefully planned out collection of local businesses, which will attract local consumers and add to a sense of community, is key,\u201d he says.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2017\/12\/future-canadian-commercial-real-estate-market-expert-idea.html\" target=\"_blank\" rel=\"noopener\">What is the Future of the Canadian Commercial Real Estate Market?<\/a> by Sarah Niedoba | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This year saw the demise of Canadian retail giant Sears, which announced it would liquidate its remaining 130 stores in October. The news had many industry watchers buzzing about the &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/12\/what-is-the-future-of-the-canadian-commercial-real-estate-market\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-7681","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is the Future of the Canadian Commercial Real Estate Market? &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2017\/12\/what-is-the-future-of-the-canadian-commercial-real-estate-market\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"What is the Future of the Canadian Commercial Real Estate Market? &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"This year saw the demise of Canadian retail giant Sears, which announced it would liquidate its remaining 130 stores in October. 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