Edmonton’s restaurant scene continues to gain “considerable traction” as multiple new eateries open, says a new CBRE report.

The Alberta capital’s vibrant culinary scene is making waves nationally, with several local restaurants earning spots on the OpenTable Top 100 Restaurants in Canada list, notes the commercial real estate services firm.

Momentum that occurred in the second half of 2024 is continuing. Edmonton’s retail market has is gaining from the expansion of popular local establishments and a surge of new openings.

Downtown newcomers such as Mimi, Olia, and Golden Sparrow have added fresh energy to the city’s core, while beloved concepts like EPIC Food Hall relocated to Whyte Avenue and longstanding favourites Sabor and Duchess expanded with additional locations. Notably, Bernadette, Sabor, and Tzin Wine & Tapas all received national recognition, landing on the prestigious OpenTable list.

Despite the momentum in Edmonton’s dining and retail scene, CBRE reported a modest increase in retail vacancy during the second half of 2024. Overall vacancy rose by 30 basis points (bps) to 5.7%, the result of 38,580 sf of net negative absorption — the first negative half since the second half of 2021.

However, the broader picture remains positive as an ongoing shift towards smaller-size, defined concept-based retail bodes well, says CBRE. Thanks to strong performance in the first half of the year, the market closed 2024 with 148,475 sf of net positive absorption.

The Northwest, Southeast, and St. Albert posted improvements in vacancy, driven by solid leasing activity across multiple asset classes. Regional malls led the charge, experiencing the most notable shift with a 310-bps decrease in vacancy.

A supply increase also played a significant role in shaping the landscape, with 532,363 sf of new retail space added to the market as multiple developments wrapped up construction. Additional large-format shopping centres are currently under development and scheduled to open in 2025.

Meanwhile, the Central Business District (CBD) submarket saw its 18-month streak of positive absorption come to an end, posting 25,987 sf of net negative absorption and an 80-bps increase in vacancy. Despite the setback, the CBD ended the year on a high note with 201,441 sf of positive absorption, marking its strongest year-end performance since the second half of 2019.

CBRE’s report highlights that while some challenges emerged in late 2024, Edmonton’s restaurant and other retail properties demonstrated remarkable resilience and growth, setting the stage for continued momentum in 2025.

CBRE Edmonton-based researchers Chelsea Davidson, Adam Hundert and Brooklyn Holt contributed to the report.

Pictured: Bucco Pizzeria and Vino Bar in downtown Edmonton that cracked the OpenTable Top 100.

Photo: Explore Edmonton/Bucco/OpenTable