Calgary Retail Market Report – Q1 2023
We were pleasantly surprised at the investment numbers for the first quarter of 2023. To say numbers this strong were unexpected would be an understatement. This is especially true in that most economic forecasts were projecting a downturn in activity for 2023. More than $129 million in transactions closed among retail assets during Q1 2023, which is up significantly from the $49.2 million a year earlier. This is due to both increased sales activity as well as two big-ticket sales that exceeded $25 million. Year-over-year total sales jumped from 7 to 16 by March 31st, 2023. The $33.2 million sale of McKnight Village Shopping Centre ($383/sq.ft. & 7.1% cap rate) and the $28.5 million sale of T&T Honda ($473/sq.ft.) were major contributors to the overall increase in year-to-date dollar volume…
Contact Blair Best for more information and intel on the Calgary retail market.
