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Retail leads office-leasing growth in 2017

  • ​​​​What an incredible, strange year for the retail industry. With the news of Sears Canada filing for bankruptcy back in October, subsequent headlines heralded the death knell of brick-and-mortar retail.

  • However, in the same month of October 2017, Statistics Canada reported an almost 20 percent year-over-year increase in consumer spending. Even more significantly, e-commerce sales made up less than 3 percent of overall retail sales. Not only do people still frequent the physical storefront, they’re spending more!

  • Now, after year end, we see that, in terms of office leasing, no other industry has grown more across the board than retail in 2017! We see growth, of course, in e-commerce firms like Shopify or TradeRev. But, we also see growth in more traditional firms that have pivoted into this new era whether by expanding business lines or offering online services, such as Indigo or Taylor Made. Undoubtedly, this is not just the age of e-commerce; it’s the age of expanded customer service!​

Source: JLL Research, Statistics Canada

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