Vacancy Rates Decline in Downtown Says Survey
Saturday, April 20, 2013 @ 9:47 AM
Prince George, B.C.- The latest survey of vacancy rates among retail and office space, shows there has been a decline in the vacancy rate in the downtown.
According to the survey, there were 72,768 square meters of retail space available in the downtown, and 121,257 square meters of office space. Those numbers do not include the Plaza 400 or the Oxford building as those two buildings are only available for government operations.
The survey notes that while overall floor space has decreased in the downtown, it is largely because of the demolition of the P.G. hotel, and a couple of neighbouring properties.
According to the staff report that will be presented to City Council on Monday night, the new survey shows a number of major trends “There is a growing shift to increased office use in the Downtown specifically at the street level, as observed from the time period of 2009 to 2012. “ During that period, the office space (street and upper level) vacancy rate slipped from 14.7% in 2009 to 10.8% last year.
As for retail vacancy during that same period, it was 22.7% in 2009, and last year was sitting at 17.3%.
The survey also noted a major increase in large tenancy vacancy at major shopping centres, but attributes that to the loss of the Zeller’s store. That vacancy will disappear when the new Target store opens.
Comments
did we have to pay for this survey?
How many buildings have been demolished since them?
Yup real news flash……. looks like not much is happening, just the odd business moving from point a to point b.
The real root problem is we have a city of 80,000 people that has square footage that really should be for a city with 10 times the population…….I believe it’s called SPRAWL !!!
We can’t really take a wrecking ball to the current structures to make the City limits smaller. So the only real fix is we need more people to live here.
Clean up the air, clean up the streets and lets make PG a place where people want to live. Instead of a place people are trying to move away from…… Let’s go PG
This site seems to be filled by bitter, angry, people.
I would argue the downtown vacancy rate is likely triple what it is in the rest of the city. What does this say about the downtown as a place to invest and use as a baseline for the economic health of PG?
“Teach a parrot the terms supply and demand and you’ve got an economist.”
[ Thomas Carlyle]
Ruez was that not a negative comment you made? This site is a soapbox. If you have something uplifting go for it.
What is their margin of error? A lot of building owners refuse to participate in the survey–so the City just guesses. Doesn’t make for a very accurate survey then does it?
Lets just put in another soup kitchen,,,and hey ,,how about a methadone clinic,or a church runned, flee biting, clothing store. Lets just say,,PG downtown is not open for business…I have lived here for more than 50 years and the downtown has never been this bad and with the new parking meters going in{ at my tax expense }. May I only have to travel through this god for saking downtown to get to work….I do not even support the Timmies on Victoria street,,I go to the one by pine centre…
just saying
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