Retail and Office Vacancies Show Little Change
By 250 News
Monday, August 10, 2009 08:02 PM
Prince George, B.C. – The annual survey of retail and office space vacancies in the city shows there has been very little change.
The make up of the downtown in 2008 is much the same as it was in the two previous years with a slight increase in retail/service use at 43.8% ( up from 43.2%) and a slight reduction in office use at 56.2% (down from 56.8%).
The survey also shows that vacancy rates in the downtown are generally lower at the street level than the upper levels and equal to the vacancy rate of high rise buildings.
The 2008 Major Shopping Centre survey indicates there is no change in the total area of large
tenancies (over 5500m2) and mid-sized tenancies (2500-5500 m2).
The 2008 vacancy rate for large tenancies (0%) is the same as the vacancy rate recorded in 2007. The vacancy rates for mid-sized tenancies decreased from 9.5% in 2007 to 0% in 2008.
There has been an increase in both the total area and vacancy rate of small tenancies (under 2500 m2. This is primarily due to the development and completion of the River Point Shopping Centre and the expansion of Westgate.
Councillor Garth Frizzell sees the information as a good news story "This tells me that despite the troubles with the softwood lumber agreement, and the worst economic crash in decades, we are diversified enough that we are holding our own."
Councillor Dave Wilbur doesn't agree "I see this as being static, with no growth."
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Population in 1981 was 67000 and change, population in 2006 was 70,000 and change. (Federal Census Figures)
This means an increase in population of roughly 3400 in 25 years, or approx 136 people per year.
Static would be an understatement.
If it wasnt for the outlying areas like Mackenzie, Vanderhoof, Burns Lake, Fraser Lake, Houston, Quesnel, etc; we would be in serious trouble.
Frizzells statement that we are diversified and holding our own is a bogus statement. The only diversification in this town is an increase in Government employees, ie; Municipal, Regional, Provincial, Federal, and of course the College, and University. These people may provide some diversification to the City, however because they are all funded with taxpayers dollars, they are in fact a huge drain on the average working joe.