The logo for RioCan Real Estate Investment Trust is shown in a handout. THE CANADIAN PRESS/HO-RioCan
TORONTO – The chief executive of one of the country’s most prominent commercial landlords says retail occupancy levels and rent rates are ticking up even as many storefronts across Canada sit empty.
RioCan Real Estate Investment Trust chief executive Jonathan Gitlin said retail committed occupancy across his company’s portfolio edged up to 98 per cent in the first quarter of the year from 97.4 per cent in the same period a year ago.
Rent per square for new leasing during the period ended March 31 was $28.57, higher than the average net rent per square foot of $21.13 that it saw across the rest of its portfolio.
Gitlin sees it as proof that there is still intense demand for retail space in dense city centres, where RioCan has much of its portfolio.
He says space in these areas is in short supply, helping boost RioCan’s occupancy levels.
The remarks came a day after his company revealed its net income for the first quarter amounted to $118 million, down from $160 million a year earlier.
This report by The Canadian Press was first published May 11, 2023.
Companies in this story: (TSX:REI-UN)
