Fleetwood Market Supply and Demand Update 2022
In early 2022, Colliers Strategy and Consulting Group was retained by the City of Surrey to provide an update of current conditions and market trends in Fleetwood . The intent of this report was to update previous findings, assumptions, and analyses to current conditions, particularly given changing market dynamics and notable interest and activity in the past 3 years. As a direct result of both land use planning efforts and changing market conditions, the Fleetwood Plan area is considerably different than previously observed in the 2019 supply & demand report.
Overall, due to anticipated population growth and changing consumer retail habits, there is expected to be a major shift in the retail and housing supply in the Fleetwood area.
- In terms of Residential Growth, by 2041, the Fleetwood Plan area is anticipated to absorb between 9,680 and 12,177 apartments, increasing to between 14,521 and 18,266 apartments by 2051. This is a rate of approximately 484 to 609 apartment units annually. This annual growth estimate is within the plan buildout capacity of up to 2,000 units annually.
- In terms of Commercial Growth, the areas around Skytrain Stations will require more than 360,000 square feet of additional retail space by 2050. The additional required commercial floor area could be occupied by uses such as full-service restaurants, service commercial, and other additional retail offerings. New commercial uses will transition away from single-level plazas and vehicle-oriented retail to denser, mixed-use retail which should contribute to a more vibrant and cohesive community.