Are you a retailer or business owner thinking about leasing retail space in Surrey, BC? With its booming economy, growing population, and great location in Metro Vancouver, Surrey is a prime spot for businesses looking to set up or expand. Here are five reasons why leasing retail space in Surrey is a smart choice:
1. Access to a Growing Consumer Base
Surrey is one of the fastest-growing cities in British Columbia. The population has increased by over 10% in the past five years, which means more potential customers for your business. Leasing retail space in Surrey positions your business to take advantage of this expanding market.
2. Strategic Location and Accessibility
Surrey's central location in Metro Vancouver offers excellent accessibility. It’s connected by major highways, bridges, and public transit, making it easy for customers from surrounding cities like Vancouver, Burnaby, and Langley to visit your store.
3. Diverse and Vibrant Retail Landscape
Surrey has a variety of retail environments to choose from, including large malls like Guildford Town Centre and Central City Shopping Centre, as well as trendy districts like Newton Town Centre and Cloverdale Village. This diversity allows you to pick a location that fits your brand and customer base.
4. Attractive Lease Rates and Incentives
Retail lease rates in Surrey are often more affordable compared to other cities in the Lower Mainland. This can save your business money, which you can then invest in growth, marketing, and operations. Plus, many landlords in Surrey offer incentives or allowances to attract and keep good tenants.
5. Supportive Business Environment
Surrey is dedicated to supporting businesses. The city's Economic Development Office offers guidance and assistance to businesses looking to start or expand. Organizations like the Surrey Board of Trade and the Downtown Surrey Business Improvement Association provide networking opportunities, advocacy, and support services.
Leasing retail space in Surrey also gives you access to these valuable resources and the city's business-friendly policies.
Current Trends in Surrey’s Retail Market
Growing Demand for Retail Space
Surrey has a strong demand for retail space, particularly in high-traffic areas like Surrey City Centre, Guildford, and South Surrey. The restaurant sector has room for growth, with fewer restaurants per resident compared to Vancouver.
Shift Towards Online Retail
While there's still a high demand for physical retail space, online shopping and e-commerce are on the rise. Keeping an eye on these trends is important to balance between physical and online sales.
Opportunities in Specific Retail Categories
Surrey shows significant growth potential in categories like furniture, home decor, and restaurants. Residents are spending more in these areas and express interest in more ethnic restaurants, microbreweries, fine dining, and vegetarian/vegan options.
Benefits of Leasing Retail Space with Urban Team
Urban Team has a dedicated Retail Leasing division with extensive experience in maximizing revenue for retail properties. Our leasing professionals use a detailed process to find the perfect tenant mix that drives performance and profitability.
We understand local retail markets and work closely with communities to identify opportunities with local businesses. This helps us create vibrant retail spaces that resonate with local consumers. From evaluating properties to negotiating leases, Urban Team offers end-to-end leasing services tailored to your needs.
FAQs
What types of retail spaces are available for lease in Surrey? Surrey offers a variety of retail spaces, including mall units, street-front stores, mixed-use developments, and standalone commercial buildings.
How do lease rates in Surrey compare to other cities in Metro Vancouver? Retail lease rates in Surrey are generally more affordable compared to cities like Vancouver and Burnaby.
What are some of the prime retail areas in Surrey? Top retail spots in Surrey include Guildford Town Centre, Central City Shopping Centre, Newton Town Centre, Cloverdale Village, and Surrey City Centre.
How is the retail market in Surrey performing? Surrey’s retail market is thriving, driven by rapid population growth and increasing consumer demand, especially in sectors like furniture, home decor, and dining.
What resources are available to support retail businesses in Surrey? Surrey offers resources like the Economic Development Office, the Surrey Board of Trade, and the Downtown Surrey Business Improvement Association to support local businesses.
How can I find the right retail space for my business in Surrey? Work with experienced commercial real estate professionals who specialize in the Surrey market to find and secure the ideal retail space.
What factors should I consider when leasing retail space in Surrey? Consider location, accessibility, visibility, foot traffic, local demographics, competition, lease terms and rates, and the tenant mix of the property or retail center.
