Abbotsford’s Historic Downtown Retail Market Update 2018
Business owners and developers alike are recognizing the efforts being made by the City of Abbotsford and local businesses to renew the neighbourhood and establish it as a walkable urban centre and a shopping and entertainment destination. This recognition is sure to see the Historic Downtown grow into a hot spot for commercial real estate.
The City of Abbotsford is working to create a neighbourhood plan for the Historic Downtown, this plan will guide the future growth and development of the area. After a broad engagement process, the Historic Downtown Neighbourhood Plan is in the drafting phase of the process. Once adopted by City Council, the plan will provide clarity about the future of the neighbourhood, specifically regarding land use and density.
DEVELOPMENT HIGHLIGHTS
The planning process has and will continue to cause an uptick in commercial real estate activity, with multiple new mixed-use buildings already planned for the area. Below we have highlighted a few of these developments and redevelopment projects which provide insight into the current state of the market and future of the neighbourhood.
TRANSACTION RECAP
A recap of retail and commercial land transactions that closed in the last 18 months (January 2017 through to June 2018).
If you have any questions or are curious about the impact of the neighbourhood plan or current market conditions, please don’t hesitate to reach out.
Frontline Real Estate Services’ 2021 Historic Abbotsford Retail Update is now available here.
Sources: City of Abbotsford, Commercial Edge
