Retail space fails to keep pace with greater Toronto's population boom

The stability of the retail real estate market relies on many factors, including macroeconomic conditions, demographic trajectories and the state of the space market. Notwithstanding recessionary risks and tight capital markets, retail has risen from the ashes over the last year, outperforming office sales volumes across the Greater Toronto Area in 2024 by over 12%. For context, the 10-year average shows office outselling retail by over 16%.