Commercial Real Estate brokers Cushman & Wakefield recently published a study that ranked retail neighbourhoods based on their ‘cool’ factor. The report looked at areas all over North America, and several Canadian neighbourhoods made the list.
The study looks at Millenials wants and desires and discovers that (as no surprise) Millenials prefer to live in urban centres, and retailers are gravitating to move to trendy streets in order to cater to this increasingly powerful demographic.
As you may have heard, Toronto’s West Queen West neighbourhood has been ranked by Vogue as one of the Top 15 Coolest Neighbourhoods in the World. With this is mind it’s no surprise to see that ‘West Queen West appeared as the coolest retail neighbourhood in Canada on Cushman & Wakefield’s list. Our contributors from Retail – Insider summed it up perfectly.
On the stretch between Bathurst Street and Gladstone Avenue lies “Canada’s largest concentration of independent art galleries, an abundance of independent boutiques, a flourishing restaurant and bar scene, and a couple of new hipster, boutique hotels”. The study goes on to quantify asking rents ranging between $30 and $60 per square foot, compared to top rents of about $120 per square foot on Queen Street West between University Avenue and Spadina Avenue.
An astonishing 75.9% of the area’s population is between the ages of 20 and 34, which is higher than almost every North American area studied. – @Retail – Insider article
Cushman & Wakefield’s report goes into other rising Canadian retail neighbourhoods, and you should take a look at the full article from our friends at Retail -Insider here.