Lloyd retail getting healthier

By Geoff Lee

November 19, 2015 12:18 PM

At least 64 national retail and commercial companies have opened or expanded in Lloydminster in 2015 with the release of pent up demand.
That’s the rationale for growth, according to Musgrave Agencies Ltd. agents who are bullish on further growth in 2016.
“Overall I would say there is a lot of retail growth this year and a lot of industrial growth,” said Scott Musgrave, general manager of the real estate agency.
“I really believe that’s because there was pent up demand looking at our market”
Musgrave said the market wasn’t able to find product before now.
“We haven’t seen the effect of the downturn on retail leasing.”
All that’s changed now, with retail commercial expansions at various commercial shopping locations including Brentwood Commons, LloydMall and Iron Wells.
“If you’re looking for retail space on the surface there appears to be a substantial amount of it available, but our consumption rate has been very good in the last 12 months with all the grand openings,” said Musgrave.
He noted, however, that some locations are restricted by competitive leasing limited to one competitor.
“What we’re finding in some categories of retail is there’s limited options and in some categories there’re significant options,” said Musgrave, who added there’s retail opportunity throughout the whole community, but in some market segments there are restrictions.
Many of the new and pending retail and commercial developments in the city are best suited to franchise companies looking for long term leases.
“Lloydminster continues to be of great interest to national companies as they look at the long term success our community offers,” said Musgrave agent Dave Jarvis in an email.
He noted 2015 has been a very busy year in Lloydminster, in both industrial and commercial development.
It’s his belief that 2016 will continue to see strong demand and growth in the commercial market.  “We know of 13 national firms that are currently committed with leases or accepted offers to lease for new or expanded locations in Lloydminster in 2016,” he said.
He noted lack of commercial retail square footage had been an issue national retailers have had with Lloydminster in the past. 
“With the strong growth in this sector we now are in a good situation with solid commercial and industrial real estate properties available,” said Jarvis. 
“We anticipate continued, strong commercial growth throughout 2016.”
Musgrave estimates at least 800 new, local retail jobs have been created in the past 12 months, with millions of dollars in long term leases.
He said leaseholds for the new Browns Socialhouse at Hampton Square alone will be close to $2.5 million.
“There ‘s space for retail, (and) there is space for industrial, “said Musgrave.
“Commercial and retail has been a strong part of the market and it’s only because people can finally buy what they’ve been looking for.”

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