Surrey Cannabis Retail: A New Era for the City
Surrey’s cannabis retail expansion marks a turning point for B.C.’s second-largest city. On November 4, the city council approved rezoning applications for 12 cannabis stores, allowing these businesses to operate in Surrey for the first time since Canada legalized cannabis in 2018. This decision brings major opportunities for Surrey’s commercial real estate market and sets the stage for economic growth.
Opportunities for Surrey’s Commercial Real Estate
The introduction of cannabis retail is expected to drive demand for retail spaces in Surrey, which already boasts one of the lowest vacancy rates in Metro Vancouver. Susan Thompson, Associate Director of Research at Colliers, emphasized the potential benefits of consolidating cannabis stores into retail hubs. This strategy could attract more consumer traffic and further boost the local economy.
With the cannabis market contributing $2 billion annually to B.C.’s economy, Surrey’s cautious approach to allowing a limited number of stores is likely to foster sustainable growth. Mike Schilling, CEO of Community Savings Credit Union, noted that this move could enhance the city’s tax revenue and create jobs while building trust within the community.
A Model for Other Cities
Surrey’s cannabis retail initiative could inspire other municipalities, such as Richmond, to reconsider their stance. Currently, Richmond prohibits cannabis stores, relying instead on mail-order services, which critics argue inadvertently support the black market. Surrey’s evidence-based approach aligns it with other major cities that have embraced the industry and seen positive economic outcomes.
The Future of Cannabis Retail in Surrey
By ensuring controlled supply and high-quality retail experiences, Surrey is positioned to succeed in the cannabis market. Experts believe this move could transform the city into a hub for cannabis innovation while strengthening its commercial real estate sector.
For additional insights, explore Surrey’s Cannabis Policy Details or learn about the economic impact of cannabis at Statistics Canada.
Thinking of investing in Surrey’s evolving market? Contact Jared Gibbons for tailored commercial real estate advice.