Business Improving in Downtown Core

By 250 News

City Centre Ventures  Kathy Lachman, and Initiatives Prince George CEO Gerry Offet say things are getting better in the downtown core.  They say there are new restuarants,  new retail, and some 4500 people now work in the downtown. 

In a presentation to Prince George City Council, they noted space is filling up and there are fewer vacancies,  the lease rates are increasing, and businesses are expanding.   

The timing of the growth is not clear, as some of the "new"  restaurants (Noodles and North 54) have been operating for a couple of years and  the featured "improved facades"  include at least one building which was  improved more than a couple of years ago. 

Still,  those responsible for  leasing out much of the space in the core, say things have been picking up.  15 thousand square feet of office space has been leased in the old CBC building on 5th,  there has been more space occupied by Northern Health as it consolidates its administrative offices to one site.

Rates for rent are increasing,  what used to rent for $8 dollars a sqaure foot is now renting for just under $13, but its still  short of the $16 dollars a square foot that  was being charged back in 1981.

Gerry Offet  says the Harris Report indicated the farmers market should be incorporated into some permanent location, but he says so far, the vendors have not yet reached a concensus on what they would like so they could proceed with a project that is financially viable.  He says often there is very little profit margin for the vendors to contribute much to operating costs of a permanent building that would provide shelter year 'round.  The Farmers Market has been identified as a project that would act as a draw to downtown.

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