Calgary’s overall retail vacancy rate continued to demonstrate remarkable consistency through the third quarter of 2023, remaining settled in the high-three to low-four percent range seen over the previous few years. The primary contributor to Calgary’s vacancy is the vast inventory of street front spaces which have proliferated in recent years as small, local shopping destinations and mixed-use developments have gained favour over power centres.
Calgary’s retail inventory has grown significantly in just the previous few years as major or final phases of major retail centres such as East Hills, The Shops at Buffalo Run and the Deerfoot City ‘de-malling’ project have come online. Together with other significant developments like Sage Hill Crossing and Trinity Hills, more than three million square feet of retail space has been added to the Calgary market since 2020.
