Downtown Vacancy Rates Slip

Tuesday, August 28, 2007 03:57 AM

Two buildings on Victoria Street are available for rent (photo opinion250 staff)

The latest tenancy / vacancy rate survey for the City of Prince George shows the vacancy rate in the downtown is dropping.

While the survey from 2006 notes there was a loss in total available floor space in the downtown ( due to fires, or demolitions), the percentages reported are a reflection of the actual available floor space.

*Type*	*2005*	*2006*	*Change*
Retail/service	15.3%	13.5%	-1.7%
Office	17.2%	16.4%	-0.8%

The survey was done before the Brick vacated the downtown core, before the "River Point" complex came on stream, before the fires which destroyed B&B music and the building on Quebec at Second Avenue, and before the Call Centre vacated 1411 Third Avenue, kitty corner to the Northern.

The report also notes there is very little change in the make up of the downtown core, the uses defined as 43.2% retail/service, compared to 56.8% office use.

The survey also looked at vacancy rates for shopping centres, and found those centres which are smaller have a higher vacancy rate than their larger cousins, but the rate (31%) remains virtually unchanged from 2005. The larger centres have no vacancies.

The downtown and Major Shopping Centres are expected to increase in available area over the next few years. This is due to a number of current development projects within the City of Prince George. Those projects are expected to have an impact on vacancy rates in the downtown and on the major shopping centres.

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Posted on Tuesday, August 28, 2007 03:57 AM in News by 250 News

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Comments

Posted by: southfortguy on August 28 2007 8:29 AM

time to bulldoze downtown and start over..

Posted by: owl on August 28 2007 1:19 PM

They just did the first block .... it will be the gaming centre and six on ground housing units facing a laneway ....

Then the Victoria/4th block will be next ... it will be a police station ....

great start to starting all over ....

yippeeeeee!!!

Posted by: Chadermando on August 28 2007 6:33 PM

What would be the point in bull dozing it when you would still have to re-build across the river from three pulp mills spewing dioxins into the airshed. The downtown is a hole in the ground without even an acre of river frontage. I'd say it will always be an uphill battle for that part of town.

Raises the question of why does PG need to be centralized anyways? Is it for development or the developers, or current property owners?

Posted by: dgdiggler on August 28 2007 6:43 PM

It's not necessarily the empty buildings the city has to worry about. Its the multitude of street people and miscreants that need to be "relocated" to some deserted island so they can fend for themselves. Perhaps a stargate or black hole that we can toss them into????
Once they're gone the downtown will start to become a place where people (nice people) will want to visit and spend their money...

Posted by: Chester on August 28 2007 8:20 PM

BCAA is moving to Hiway 16 west and Ferry. Integris CU apparently is also moving from Parkwood to Ferry & 16 west.

Unless you have a niche market and people will specifically come downtown to do business, you will eventually starve to death or be taxed to death.

Small businesses that cater to the business folks or government workers who work downtown will survive. The pawn shops and second hand stores will also continue to thrive in the current environment. Chester

Posted by: Andyfreeze on August 29 2007 7:19 AM

Start at Victoria with a line of D9 cats from 1st.to 20th.and head east.
Don't stop until you get to the river and much of the issues with the downtown core will be solved!
And your right Chester...funny how second hand stores and pawn shops ALWAYS survive!

Posted by: jonnypg on August 29 2007 10:45 AM

Would be nice if our local council came to this web site and actually read a few comments! maybe then they would get some idea whats going on....