Abbotsford’s Historic Downtown Retail Market Update

2019 was an exciting year for Abbotsford’s Historic Downtown with the adoption of the Historic Downtown Neighbourhood Plan and announcements regarding a variety of upcoming developments. These events have fed the excitement that has been building regarding the future of the area and thus has encouraged a steady increase in commercial real estate activity, including higher sale prices and lease rates.

In this report, we have highlighted 2019’s retail transactions as well as a few of the upcoming developments, all of which provide insight into the current state of the market and future of the neighbourhood.

UPCOMING DEVELOPMENT HIGHLIGHTS

Artist rendering of future development
Artist rendering of future development

Rail District

Artist rendering of future development
Artist rendering of future development

2553 Montrose Avenue

Upper Montrose

  • 5 storey mixed-use development
  • 5,030 sf of commercial space at street level
  • 104 residential condo units above
  • Completion expected Spring 2020

2019 retail transaction recap

Historic Downtown Abbotsford’s retail real estate saw a large range in sale prices per square foot in 2019. This can be dominantly attributed to each property’s unique characteristics, especially lot size and development potential. Now that the Neighborhood Plan has been adopted there is more certainty regarding the development potential of each property and this potential can greatly impact a property’s value.

Below you can find a summary of the retail real estate transactions as well as a detailed report including their location indicated on a map by blue numbers. The green numbers on the map indicate the location of the developments described above.

2019 retail LEASE recap

Retail leasing activity in Historic Downtown Abbotsford has continued to see a steady increase in lease rates. New construction in the area will continue to push up lease rates which will impact all available real estate.

RECENT LEASE TransactionS & Listings

Below we have highlighted a selection of retail lease transactions and listings as examples of current lease rates in Abbotsford’s Historic Downtown.

Update: The below listings are examples to illustrate asking lease rates at the time of publishing, please click here to browse current listings and recent transactions in Abbotsford’s Historic Downtown.

 

FOR LEASE
Restaurant/Cafe Space in Upper Montrose

1 – 2485 Montrose Avenue

  • 1,325 sf with potential for a 300 sf patio
  • Restaurant venting
  • Signage opportunities
  • Lease rate: $32.00 psf net

FOR LEASE
Second Floor Unit with Open Layout

201 – 2603 West Railway Street

  • 1,856 sf of second floor retail/office space
  • Signage opportunities
  • Corner location on Essendene Avenue and West Railway
  • Lease rate: $15.00 psf net

LEASED
Freestanding Commercial Building

2699 West Railway Street

  • 7,909 sf freestanding building
  • Outdoor space
  • Corner lot with multiple access/egress points
  • 10 year lease

If you have any questions or are curious about the impact of the neighbourhood plan or current market conditions on Abbotsford’s Historic Downtown, please don’t hesitate to reach out.

 

Sources: City of Abbotsford, Commercial Edge, Frontline Real Estate Services Ltd.

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George Richmond

Personal Real Estate Corporation

Commercial Sales & Leasing
Office & Retail

George Richmond (Personal Real Estate Corporation) is a commercial real estate broker at Frontline Real Estate Services, specializing in both sales and leasing with a focus on office, retail, and commercial development properties located in the Fraser Valley.

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