Page 57 - RLI December 2019 - January 2020

Mantaining Its Position

Despite existing in a retail market that is constantly changing, with an ever more
demanding customer, the North American retail real estate market remains in a strong a
position as ever. Here, RLI takes a look at just a few of the major projects currently at the

forefront of the sector across the continent. North America

hile there are many countries that make up the net absorption experienced during the first three quarters NORTh AmERIcA PROjEcTS
North America, the continents retail sector of 2018. Quarterly net absorption averaged 7.3 million square The Omni by developer Genesis Land is a master-planned multi-use Another project currently under construction in Calgary is the
is still obviously dominated by Canada feet throughout 2017 and 2018, but in 2019 the quarterly commercial destination strategically located adjacent to the burgeoning first phase of the Township Commercial Development by developers
W and the US. In Canada, the Vancouver and average has declined to 2.1 million square feet. The majority upper North East Sector of Calgary, offering an unparalleled frontage for Royop Development Corporation. Township shopping plaza will be
Toronto real estate markets continue to lead Canadian cities of occupancy gains were in neighbourhood and community commercial profile and visibility to match the stringent locational needs approximately 1.5 million square feet of mixed-use buildings when fully
in terms of investment and development prospects, although centres, which typically have a tenant base comprising necessity of the top national, regional and local retailers and tenants. Driven by the developed. The proposed development will be host to various large
every region has its own opportunities and challenges. - (grocery and drug) or service based retailers. Conversely, economic growth of Calgary and Rocky View County, The Omni is well and small retailers, restaurants and more. Phase one is expected to
Meanwhile in the US, the economy continued to grow in the power centres have experienced negative net absorption for positioned for a multiplicity of uses within this important family-oriented cost $125M and to open in 2021, which will include 400,000sq ft of
third quarter of 2019, albeit at a slower pace. In the shopping the last three consecutive quarters, totalling just over two trade region. This comprehensive state-of-the-art mixed-use development retail space. Township promises to be not only the community hub
centre sector demand for non-mall shopping centre space million square feet of move-outs year-to-date. will uniquely integrate seven key pillars of offerings including 600,000sq ft of to the surrounding communities of Legacy and Walden, but will be a
remains positive, but is slowing. Net absorption in the third Below RLI highlights some of the key developments, retail, a 325,000sq ft outlet centre, three boutique hotels, 250 senior active shopping destination for all of Calgary. The second phase of the scheme
quarter of 2019 totalled 2.3 million square feet, bringing the either those that have recently opened or are in the living units, 500,000sq ft of office space, a 27,000sq ft children’s creativity will add 1.1 million square feet and be available for retail, office, hotel
year-to-date total to 6.2 million square feet—only one-third of pipeline for the coming months and years. zone, 60,000sq ft of restaurants and café space and 4,000 parking spaces. and residential opportunities.

ThE OmNI
calgary, canada
Developer: Genesis Land
50 RETAIL & LEISURE INTERNATIONAL OCTOBER 2019 S OCTOBER 2019 RETAIL & LEISURE INTERNATIONAL 51EPTEMBER 2019 RETAIL & LEISURE INTERNATIONAL 59