The Future of Ground-Floor Retail Space

1 min read

Ground-floor retail in both residential and office buildings may soon be a thing of the past, as developers begin to rethink how the space can be better utilized in years to come. COVID-19 has caused a significant disruption in the retail sector, as businesses continue to adjust to our newfound normal.

This however, is not a certain fate, as mentioned by Arlin Markowitz, Executive Vice President of CBRE Urban Retail team in Toronto."This doesn’t necessarily mean that things are going to change. While there has been some pain in the retail market due to COVID, I think anybody with any kind of mid- to long-term vision understands that this is not permanent.”

Developers, building owners and stakeholders alike are leaning towards essential service retailers and quaint local businesses for these spaces, as well as ensuring guaranteed patio space for restaurants. Bigger is not necessarily better in this case either, as larger spaces may be more difficult to occupy during this time.

Learn more about where the future of ground-floor retail may be heading.

Reference

Toneguzzi, M. (2021, February 16). Pandemic forces rethink of Ground-floor, Podium retail Leasing: Renx - real estate NEWS EXCHANGE. Retrieved February 18, 2021, from https://renx.ca/pandemic-force-rethink-ground-floor-podium-retail-leasing/