Metro Vancouver tops North America for new luxury store openings, ahead of New York
JLL counted 30 luxury openings in the year to July 2026, driven by Oakridge Park, even as overall retail space stays scarce.
Metro Vancouver recorded 30 new luxury store openings between July 2025 and July 2026, more than any other market in North America and ahead of New York City's 18, according to commercial real estate firm JLL's latest Canada retail market report.
JLL credited the spring 2026 opening of Oakridge Park, which it said pushed luxury to 43 per cent of new Canadian fashion openings this year and made Vancouver Western Canada's counterpart to Toronto's Yorkdale and Montreal's Royalmount.
The broader market is tight. Metro Vancouver retail vacancy stood at 2.6 per cent in the first half of 2026, with downtown Vancouver at 9.9 per cent and Surrey and Langley at 1.5 per cent each. Retail space under construction fell to 526,000 square feet after Oakridge Park was completed, and construction starts are near decade lows.
Average asking retail rent in Vancouver reached $39.44 per square foot, the highest among major Canadian markets tracked by JLL, up 3.3 per cent from a year earlier. JLL expects the market to strengthen as population growth resumes in 2027, and named the Broadway corridor, where the Millennium Line extension is under construction, as a leading repositioning opportunity.
From ARQS Sponsored
To put numbers behind decisions like these, ARQS provides Flow automation, SignDesk, Northline course catalogue and ARQS security. In the ARQS Store, ARQS Flow Connect — 30-Day Starter Access, ARQS LinguaQuest Creator Bundle, ARQS Pipeline Pro Setup are among the newest tools available.
From our partners
Partner content
ARQS PressPress RoomReleases, editorials and new books from ARQS Press.
ARQSCrypto ChallengeA prize challenge with net proceeds intended for Norwood Ravenswood.
ARQS Flow ConnectFlow Connect starter accessA workspace for integrations, approvals and governed workflows. 30-day starter access.
ARQS InvoiceFlowInvoiceFlow Billing Control StudioInvoice-data quality analysis with an ARQS-reviewed findings summary.
ARQS InvoiceFlowInvoiceFlow Collections ConsoleLocal-first receivables and invoice-ageing tool for small businesses.Most read
- Court halts Vancouver Aquatic Centre demolition until after civic election
- TSX gains 319 points as energy and telecom stocks lead
- Poilievre takes his tariff-free auto pact pitch to Detroit
- 'I Play Rocky' and 'Ceremony' take VIFF audience awards
- BC Conservatives take five-point lead as leaders head into only TV debate
