Calgary Retail Figures H2 2025

‒    Overall retail vacancy rose in H2 2025, largely as a result of the Hudson’s Bay Company closure adding nearly 1.0 million sq. ft. of vacancy. However, excluding these closures, vacancy decreased, indicating a strong underlying market.

‒    Grocery-anchored suburban centers remain resilient, while the CBD and South Central areas show higher vacancy.

‒    Retailers will likely adopt more selective site selection strategies due to rising costs and shifting economic conditions.

‒    Expect a more measured pace of rent growth to start 2026, with grocery-anchored centers and strong suburban submarkets likely to outperform.

‒    Construction remains historically low but is showing signs of recovery as developers respond to a strong demand, especially in suburban areas.

‒    Despite limited new supply, demand for retail space, particularly grocery-anchored and daily-needs formats, remains robust.