By Craig Patterson
Vancouver’s Robson Street is in a state of transition, as new retailers move into the area and foot traffic continues to increase. A 6,000 square foot retail space at 1144 Robson Street is currently available at a relatively low price that might never be available again, given its potential for customization at a price considerably less than other properties nearby.
The 1100 block of Robson Street between Thurlow Street and Bute Street is on the upswing, following the opening of a large Muji flagship in December of 2016 and before that, Canada’s first Ladurée salon. Aritzia operates a flagship at the Thurlow Street end of Robson Street, and new soon-to-be-announced retailers are going to have shoppers descending on the area that includes a mix of locals and tourists. The area will be getting busier as the summer approaches, and a new public plaza is completed at the corner of Bute Street and Robson Street.
The 1144 Robson retail space is located next to Vancouver-based Reigning Champ, which recently opened a flagship location at 1148 Robson. A busy Cactus Club Café is located on the other side of the 1144 Robson Street property, which spans about 6,000 square feet over two levels.
With a 33 foot frontage, the building at 1144 Robson Street can be customized for a brand that leases the space, according to listing broker Michael Mylett, VP at CBRE in Vancouver. He explained how 1144 Robson Street represents a unique opportunity for a brand seeking to showcase its flagship concept in a prominent location, which is also a relative bargain when compared to nearby properties.
The asking rent for 1144 Robson Street is significantly less than historical comparable and current asking rents in the area. Properties a block west of that are asking twice the amount or more, and L’Occitane en Provence is said to have paid more than $300 per square foot in 2014 when it leased its current space at 1000 Robson Street.
Mr. Mylett, who’s office at CBRE has negotiated the majority of street-front spaces in downtown Vancouver, says that it’s unlikely that such a good deal will be found on Robson Street in the future, given that the area continues to see improvements as well as interest from retailers from Canada as well as globally. To contact Mr. Mylett about 1144 Robson Street, call: 604 662 5162 or email: firstname.lastname@example.org.