What are the Top Benefits of Leasing Retail Space in Surrey
Are you a retailer or business owner considering leasing retail space in Surrey, BC? With its thriving economy, growing population, and strategic location in Metro Vancouver, Surrey offers an attractive retail market for businesses looking to establish or expand their retail presence. In this article, we’ll explore five compelling reasons why leasing retail space in Surrey could be a smart move for your business.
Access to a Rapidly Growing Consumer Base
Surrey is one of the fastest-growing cities in British Columbia, with a population that has increased by over 10% in the past five years alone. This rapid growth translates into a constantly expanding consumer base, providing retailers with a steady influx of potential customers. By leasing retail space in Surrey, you can position your business to capture a share of this growing market and tap into the increasing demand for goods and services.
Strategic Location and Accessibility
Surrey’s location in the heart of Metro Vancouver offers unparalleled accessibility and connectivity. Situated along major transportation routes, including highways, bridges, and public transit systems, Surrey is easily accessible from surrounding cities and municipalities. This strategic location makes it convenient for customers to reach your retail establishment, whether they’re coming from within Surrey or neighboring areas like Vancouver, Burnaby, or Langley.
Diverse and Vibrant Retail Landscape
Surrey boasts a diverse and vibrant retail landscape, with a mix of established shopping centers, trendy urban districts, and up-and-coming neighborhoods. From large-scale malls like Guildford Town Centre and Central City Shopping Centre to pedestrian-friendly areas like Newton Town Centre and Cloverdale Village, Surrey offers a variety of retail environments to suit different business types and target markets. This diversity allows you to choose a location that aligns with your brand image and customer demographics.
Attractive Lease Rates and Incentives
Compared to other major cities in the Lower Mainland, Surrey often offers more attractive lease rates for retail spaces. This can translate into significant cost savings for your business, allowing you to allocate more resources towards growth, marketing, and operational expenses. Additionally, many landlords and property management companies in Surrey may offer incentives or tenant improvement allowances to attract and retain quality tenants.
Supportive Business Environment
Surrey is committed to fostering a supportive environment for businesses, with initiatives and resources aimed at promoting economic growth and development. The city’s Economic Development Office provides assistance and guidance to businesses looking to establish or expand their operations in Surrey. Additionally, organizations like the Surrey Board of Trade and the Downtown Surrey Business Improvement Association offer networking opportunities, advocacy, and support services for local businesses.
By leasing retail space in Surrey, you can tap into these valuable resources and benefit from the city’s pro-business policies and initiatives.
As you consider your retail leasing options, it’s essential to work with experienced commercial real estate professionals who can guide you through the process and help you find the ideal space for your business. They can provide insights into the local market, negotiate favorable lease terms, and ensure that your retail space meets your specific needs and requirements.
What are the current trends in Surrey’s retail market
Growing Demand for Retail Space
The market indicate there is strong demand and opportunities for expanding retail offerings in Surrey:
According to Invest surrey, as of April 2021, there was 210,000 square feet of available retail space in high-traffic areas like Surrey City Centre, Guildford, and South Surrey.
The ratio of restaurants to residents in Surrey (1.42 per 1,000) is low compared to cities like Vancouver (4.6 per 1,000), suggesting room for growth in the restaurant/dining sector.
Data shows at least three additional restaurants per 1,000 Surrey residents could be supported based on regional statistics.
Shift Towards Online Retail
While demand for physical retail space remains high, there are signs of a shift towards online shopping and e-commerce:
This suggests monitoring the impact of growing online sales on demand for physical retail spaces in Surrey.
Opportunities in Specific Retail Categories
Invest Surrey highlight certain retail categories with significant growth potential in Surrey:
Furniture, home decor, and restaurants/dining are identified as retail segments where Surrey residents are spending well above the BC average.
Residents expressed interest in more ethnic restaurants, microbreweries, taphouses, fine dining, vegetarian/vegan options alongside popular chains.
Apparel retail spending patterns are mentioned as an upcoming area of focus.
Overall, the trends point to robust demand for retail space, particularly in dining and restaurants, coupled with the need to adapt strategies to align with the rise of e-commerce. Specific opportunities exist in categories like furniture, home goods, ethnic cuisines, and apparel based on Surrey’s consumer spending patterns.
What are the key benefits of leasing retail space in Surrey with Urban Team
At Urban Team, we have a dedicated Retail Leasing division with extensive knowledge and experience in maximizing revenue for retail properties. Our leasing professionals follow a rigorous analytical process to curate the ideal tenant mix that drives performance and profitability.
We don’t just fill spaces – we strategically identify and attract the right retailers to create vibrant, successful retail destinations aligned with the local market dynamics.
Urban Team also has deep expertise in local retail markets. Our leasing specialists work closely with the surrounding communities to identify opportunities with local businesses and boutique concepts.
This localized approach enables us to thoughtfully supplement the tenant mix with retailers that resonate with the specific consumer demographics and preferences in each trade area, including markets like Surrey.
From property evaluation and space analysis to lease negotiations and execution, Urban Team offers comprehensive, end-to-end retail leasing services tailored to each client’s needs. Our leasing professionals guide retailers through every step of the process.
We leverage our market intelligence and industry expertise to find the perfect commercial spaces that meet each retailer’s unique criteria for location, size, visibility and more. Our white-glove approach ensures a smooth, successful leasing journey.
FAQs
What types of retail spaces are available for lease in Surrey?
Surrey offers a diverse range of retail spaces for lease, including shopping mall units, street-front stores, mixed-use developments, and standalone commercial buildings. Options are available to suit various business types and sizes, from small boutiques to large anchor tenants.
How do lease rates in Surrey compare to other cities in Metro Vancouver?
Generally, retail lease rates in Surrey tend to be more affordable compared to cities like Vancouver or Burnaby. This can translate into significant cost savings for businesses leasing retail space in Surrey.
What are some of the prime retail areas in Surrey?
Some of Surrey’s most popular retail destinations include Guildford Town Centre, Central City Shopping Centre, Newton Town Centre, Cloverdale Village, and the emerging Surrey City Centre area. These locations offer high visibility, foot traffic, and a mix of retail, dining, and entertainment options.
How is the retail market in Surrey performing?
Surrey’s retail market is thriving, driven by rapid population growth and increasing consumer demand. Specific sectors like furniture, home decor, and dining are experiencing strong growth, presenting opportunities for retailers in these categories.
What resources are available to support retail businesses in Surrey?
The City of Surrey offers various resources and initiatives to foster a supportive business environment, including guidance from the Economic Development Office, networking opportunities through organizations like the Surrey Board of Trade, and advocacy from groups like the Downtown Surrey Business Improvement Association.
How can I find the right retail space for my business in Surrey?
Working with experienced commercial real estate professionals who specialize in the Surrey market is crucial. They can provide insights into local market conditions, identify suitable properties that meet your specific needs, and guide you through the leasing process to secure the ideal retail space.
What factors should I consider when leasing retail space in Surrey?
Key factors to consider include location, accessibility, visibility, foot traffic, demographics of the surrounding area, competition, lease terms and rates, and the overall tenant mix of the property or retail center.
