Despite the departure of anchor tenants such as HMV and Starbucks, Robson Street — the second-most-expensive retail street in Canada after Toronto’s Bloor Street — is far from dead, according to local retail experts.
The street is a vibrant area going through a time of transition and speculation, with landlords wanting to get top dollar, but retailers hesitant to pay high rental rates, said David Ian Gray, retail consultant with the firm DIG360.
“It’s an interesting time. Robson is in this state of flux,” Gray said. “But when you see the J Crews, the CB2s and the Forever 21s coming in, it’s not a dead street.”
However, a new report by Colliers International found the price of rent on Robson fell by 25-per-cent year over year on leases signed during the nine months ending March 31, but the decline is not an indication the street is losing its cachet, according to James Smerdon, Colliers’ director of retail and strategic planning in Vancouver.
Monthly retail rents for new lease deals on Robson averaged $150 per square foot — a bargain price for international retailers, who pay an average of $2,250 per square foot on New York’s Fifth Avenue, which tops Colliers’ global list.
The drop in rent on Robson is a result of a few large stores opening in mid-block locations on the upscale street, rather than on the corner, where rents are typically higher, Smerdon said.
“This isn’t an average rate, it’s a survey of recent and notable transactions,” he said.
According to the Colliers’ survey, new leases were most expensive on Toronto’s Bloor Street, where rents averaged about $310 per square foot, followed by Robson Street, Alberni Street, and Montreal’s Rue de la Montagne, where new lease rates averaged $80 per square foot.
- from ‘Don’t write the obit for Robson St. just yet’, Tracy Sherlock, Vancouver Sun 10 July 2012 [Hat-tip Joe_Blown_Away_By_High_Housing_Costs]
Average or not, it seems Robson is available at $150/sqft.
Vancouver’s Robson $150, Toronto’s Bloor $300, NYC’s Fifth Avenue $2,250.
Perhaps accurately reflecting the relative economic and cultural importance of these centres?