Toronto’s streetfront retail leasing and transaction activity is in better shape than many people probably think, according to CBRE. Retail leasing deals were up 60 per cent from Q1 to Q2 2021 and the momentum has continued to grow as
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Retail leasing at The Well
The Well mixed-use development in the western part of downtown will have 420,000 square feet of space for retail and food services.
RioCan REIT has used CBRE’s assistance to lease 110,000 square feet to date.
Markowitz said fitness club
Sweat and Tonic is taking 24,000 square feet. A major restaurant group has leased 78,000 square feet for six different restaurants in various parts of The Well.
Shoppers Drug Mart has leased 16,000 square feet while 10,000 is going to tenants that cater to everyday needs such as banking and barista-style coffee. Other retailers are close to signing leases at The Well, Markowitz added.
Markowitz said The Well’s concourse food hall and market will be larger than 65,000 square feet.
“It’s like the
St. Lawrence Market on steroids. It’s going to be something that nobody in Toronto has ever seen before. That’s the true anchor of The Well and it’s super exciting.”