After an increase in vacancy in 2014 to 3.80%, Regina’s vacancy has dropped to 2.87% in 2015.

1. Research &
Forecast Report
REGINA
RETAIL MARKET
Fourth Quarter 2015

2. 2 Research & Forecast Report | Fourth Quarter 2015 | Regina Retail Market | Colliers International
Regina Retail Market
After an increase in vacancy in 2014 to 3.80%, Regina’s
vacancy has dropped to 2.87% in 2015. The largest single
factor in this decline is the absorption of space primarily
in enclosed malls, as two of the largest spaces have
found new tenants. Whereas in 2014 38% of vacant
space was in enclosed malls, that number has fallen to
17%. Regina’s North retail zone has the highest vacancy
at 4.5%, which is virtually unchanged and North West
Regina remains the tightest market at 0.86% vacancy.
Over the course of the year Regina added just under
150,000 square feet to the retail inventory.
Central
Despite a significant rise in the office vacancy rate in the
central business district, the retail sector has, in contrast,
flourished with a number of new restaurants and pubs. In
the spring of 2015 Dr. Coffee’s Café opened and in the
summer of 2015 The Capitol and Famosa opened and
Malt City opened in the fall of 2015 with additional
restaurants planned for 2016. At the same time the
downtown has also drawn in other retailers and service
providers hoping to benefit from the increased
commercial activity.
Vacancy Chart
0
500000
1000000
1500000
2000000
2500000
3000000
3500000
Central
Northwest
North
East
South
Central Northwest North East South
VACANT (SQ. FT.) 116313 12092 52436 82052 38778
TOTAL (SQ. FT.) 3376562.988 1408673.7 1164735 2784113 2109189
Regina’s most active enclosed mall, the Cornwall Centre,
continues to be a dominant player in the market.
Currently the Cornwall Centre is at nearly full tenancy
and continues to add new retailers regularly; in 2015 the
mall added Dynamite and Zumiez. Just outside
downtown, the second phase of Canterbury Park’s mixed
use development, Canterbury Gardens, added nearly
24,000 square feet of new space which has been largely
leased to a variety of tenants.
One of the largest developments in downtown Regina is
the new Shoppes on Hamilton in the recently completed
Agriculture Place. This high quality, street-level retail
development will provide additional inventory to the
reinvigorated Hamilton St. Though tenants have yet to be
announced, this space will likely appeal to national
retailers who prefer to operate in urban cores with high
quality street presence.
South Regina
Regina’s south-end continues to be a strong component
of Regina’s retail market. Though the south end of Albert
St has lost some of the prominence it had long-held,
vacancy continues to be a very low and turnover is
limited. An example of the continuing popularity of South
Albert is the purchase of Petro-Canada’s land at
$1,465,000 or $50 per square foot. Additionally,
Sherwood Co-op had demonstrated its preference by
paying above market prices for the A&W to the north and
Plum Garden to the south of its existing gas bar.
The vacancy rate in the south fell from 4.85% in 2014 to
merely 1.84% in 2015. This can be directly attributed to
two major developments. Firstly the old Canadian Tire
space is re-purposing to fit Regina’s first Save-on-Foods.
Secondly, the Golden Mile Shopping Centre is undergoing
Central Northwest North East South
Vacant SF 116,313 12,092 52,436 82,052 38,778
Total SF 3,376,563 1,408,674 1,164,735 2,784,113 2,109,189

3. 3 Research & Forecast Report | Fourth Quarter 2015 | Regina Retail Market | Colliers International
a significant alteration which will see a 92,000 square
foot Superstore added to the centre of the mall. Later
phases will see the redevelopment of the existing Extra
Foods into multiple retail spaces, bringing the mall’s total
size to 255,000 square feet.
West of Albert Street, Grasslands remains the major
location of new retail development in Regina. This site by
Harvard Developments continues to expand, albeit with
smaller units than seen in the previous year. In 2015
space was added for Lammle’s Western Wear, Canadian
Brewhouse, CIBC, McDonald’s and others. In total,
Grasslands added approximately 35,000 square feet of
new retail space. Work is underway on Regina’s first
DSW and a new location for Brown’s Social House. The
other significant development is a mixed-use complex
under construction in the Urban Village, which will
include street-level retail and three floors of residential
above.
East Regina
Over the past decade or so, East Regina has become the
central focus for retailers in Regina. The largest amount
of retail development has occurred here and retailers
continue to focus on the area. The current big box
development at Grasslands in South Regina is primarily a
function of the limited amount of land available in East
Regina. Land is priced at a premium and commands up to
$2 million dollars an acre or $45 per square foot.
Vacancy in the east has fallen from 5.29% 12 months ago
to 2.95% in Q4 2015. The single greatest factor is the
significant amount of space absorbed by the Victoria
Square Shopping Centre. In 2014 the mall had over
70,000 square feet available and as of Q4 2015 it has
approximately 7,000 square feet. Over the past year
Goodlife Fitness and Premium Label Outlet entered the
Regina market and occupied 33,439 SF and 9,850 SF
respectively. Additionally, JYSK and Mark’s relocated and
absorbed a substantial portion of the mall’s vacant space.
The majority of the available space in the east can be
found at these vacated spaces and other speculative
space which suffer from less visibility and poor access.
One of the final areas of prime development land began
construction in 2015. Choice REIT’s property along the
edges of Superstore on Price of Wales is well underway
with a projected completion date of Q2 2015. The full
development includes 55,000 SF of new retail space and
is currently under construction. The new development
will include a number of national restaurant and retail
players.
Further development in East Regina has been hampered
by a lack of developable land. Sherwood Co-Op expanded
its carwash facility by 11,000 SF, and also along Victoria
Ave, the Kouros family developed Saskatchewan’s first
Carl’s Jr restaurant on an old Esso site. Another notable
change was the closure of Regina’s only Future Shop and
its redevelopment into the YMCA’s third facility in the City.
Major expansion of the East retail will occur as the
planned developments further east along Victoria Ave
come to the market. Tower Crossing, scheduled for 2017,
and Aurora are two of the major power centers planned.
The new neighbourhood of The Towns will include a retail
component and Revera plans to include 25,000 square
feet of retail along Arcola Ave.
North West Regina
The North West sector maintains its status as the tightest
retail sector in the city. Though the vacancy rate is up
slightly to 0.86% from 0.59%, there is very little space
available as only just over 12,000 SF is vacant. Though
there is plenty of land in the Rochdale/Pasqua corridor, it
has largely been left undeveloped.
The major expansion in North West Regina was Choice
REIT’s Superstore property which recently completed
construction of Rochdale Crossing, a 46,000 SF complex.
This site includes a number of national tenants including
Shopper’s Drug Mart, Scotiabank, Montana’s and others.
Vacancy Graph
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
2007
2008
2009
2010
2011
2012
2013
2014
2015
9,000,000
9,200,000
9,400,000
9,600,000
9,800,000
10,000,000
10,200,000
10,400,000
10,600,000
10,800,000
11,000,000
Inventory Vacancy

4. 4 Research & Forecast Report | Fourth Quarter 2015 | Regina Retail Market | Colliers International
As of Q4 2015 the project is 94% leased. Elsewhere in the sector there are a number of proposed developments
awaiting construction. Directly north of the recently completed Comfort Suites on Diefenbaker Dr. is Armour Crossing
which proposes up to 130,000 square feet of space. Another significant development is Capital Crossing and a 75 acre
mixed use Development surrounding Capital Ford and Capital GMC. On Dewdney Ave to the East, plans for Westerra
which include just under 500,000 square feet of retail at Horizons continue to move forward.
Forecast
2016 should see Regina’s retail market continue to perform strongly. While other markets are seeing vacancy rise and
rental rates fall, retail continues to perform solidly. Colliers predicts that retail rates and vacancy rates will remain
relatively steady with moderate absorption as very little speculatively built properties are scheduled for 2016.
In the central core of the city, the Cornwall Centre will remain a core asset and we expect some major retailer
announcements along with the expansion into the Havik building and the potential redevelopment of Sears’ space in the
coming years. Likewise we expect smaller, local retailers to continue to look at downtown space as part of the overall
revitalization that has occurred over the past few years. Overall new retail development is primarily focused on large-
scale power centres combined with some local, neighbourhood retail centres. In total, plans call for over 3,000,000
square feet of retail to be developed over the next decade.
Notable Lease
Dewdney Ave E
Victoria Ave
RingRd
Victoria Ave
UniversityParkDr
QuanceSt
PrinceofWalesDr
Arcola Ave
Broadway Ave
College Ave
BroadSt
AlbertSt
Notable Lease Transactions
ADDRESS - TENANT NAME SIZE (SF)
1. 1420 Albert St - St. John’s Music 5,000
2. 1711 Badham Blvd - Richard’s Beauty College 6,602
3. 1825 Victoria Ave E - YMCA 18,319
4. 312 University Park Dr - Quan’s Hot Yoga 2,272
ADDRESS - TENANT NAME SIZE (SF)
5. 2101 Quance St - Wok Box 1,500
6. 2406 Victoria Ave E - Point Flex Dance Company 4,133
7. 3279 Quance St - Elizabeth’s House of Hosiery 2,400
8. 3735 Quance St - Leopolds Tavern 2,700
Notable Lease Transactions
1
2
4
3
5
6
7
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