Vancouver Retail Market Report

Retail fundamentals resilient despite softer economic backdrop. Vancouver’s retail sector is entering a more balanced period after several years of exceptionally tight conditions. Vacancy increased over the past two years as slower population growth, elevated living costs, and economic uncertainty weighed on demand. Hudson’s Bay closures also created additional availability in 2025. Nevertheless, vacancy is stabilizing and remains below 3 per cent, aided by limited construction and a scarcity of high-quality space. The opening of Oakridge Park has also boosted leasing activity, helping net absorption turn positive after contracting for five consecutive quarters.