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Downtown vacancy rates in Prince George are at an eight-year low

Numbers show a positive trend for downtown Prince George
downtown
Downtown Prince George in November 2018 (via Hanna Petersen).

A new report shows that downtown Prince George is seeing an increase in development.

The city’s annual Downtown Occupancy Study, which has been published since 1983, has found that downtown vacancy rates are at an eight-year low.

The study’s goal is to collect and analyze the vacancy rates of retail, service and office use building space located in Prince George’s Central Business District (CBD).

downtownvacancyInformation from the 2018 Downtown Occupancy Study. (via City of Prince George)

For 2018, downtown vacancy rates are at 10.55 per cent, with a 0.58 per cent decrease from 2017 and a 4.65 per cent decrease since 2011.

“The 2018 Downtown Occupancy Study indicates vacancy is decreasing and the downtown is seeing an increase in development with new businesses opening,” reads the report.  

“Prior to the 2015 study, the vacancy rate of the CBD had been increasing incrementally each year since 2012. The downtown has seen 25 new business licence applications and over $13 million in development permit applications since the last study, which was completed in July 2017.”

The study also found that:

  • 38.8 per cent of commercial space downtown was used for retail or service and 61.2 per cent was used for office;
  • commercial high-rise vacancy rate is 9.7 per cent in 2018, which is a 1.9 per cent decrease from 2017;
  • retail or service use increased to 11.79 per cent in 2018 from 11.5 per cent in 2017; and
  • the total area available for use increased from 218,377 to 220,339, which was a 0.9 per cent change.

The report adds other incentive programs for downtown have been successful.

For example, the Facade Improvement Grant Program provides a 25 per cent reimbursement grant up to a maximum of $5,000 per facade or building. The goal of the program is to make significant improvements to the appearance of the downtown area and as of Sept. 13, the program has had four approved applications, three of which were completed in late 2017 and one in early 2018. The total project value of the facade improvement program so far is roughly $119,000.

Another project singled out in the report is the Park House multi-family development and underground parkade currently under construction next to city hall.

“One of the goals of Prince George City Council is to establish and maintain a strong residential presence in the downtown,” the report states. “This project will introduce 150 new residential units to the downtown core. The increased interest in the CBD has created economic momentum and excitement with residents, investors, business owners and city council in creating a healthy and prosperous downtown Prince George.”