Uncertainty related to declining oil prices isn’t affecting the appetite of retailers wanting to set up shop or expand in Calgary.
A report by Barclay Street Real Estate indicates that in the last six months of 2014, retail vacancy rates in the city dropped from 2.7 per cent to 2.2 per cent and nearly 14 million square feet of new retail development is either being proposed or currently under construction.
“For a long time Calgary was in a bubble,” said Jonathan Gheron, a retail associate with Barclay Street. “Our economy has been thriving. There’s competition for current good space and the additions of this space I believe most of it will get absorbed.
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