Prince George, B.C.- The vacancy rate in downtown has increased.

 

In it’s latest tenancy report, the City says at the end of 2007, there  was a slight increase in the office space vacancy, and a larger increase in retail/service vacancy compared to 2006 figures.

 

 

The survey also indicates an increase in floor space. That is due to the repairs made to the former hairdressing shop on the corner of 2^nd and Victoria and the new retail use in that building.

 

As for major shopping centres, the vacancy rate there has increased from the traditionally low rates.

 

Sitting at 4.87% at the end of 2007, the rate is up from 2006 when it was 2.5.%. There has been no change in vacancy rates for large shopping centre tenants, but medium tenancy units are seeing an increase, likely because of the addition of the River Point Plaza and the expansion of the Pine Centre Mall.

 

The report also shows the composition of downtown  remains unchanged with 43.2% of the available space used for retail/service, and a slightly higher office use of 56.8%.