Prince George downtown vacancy rate is holding steady at 12.67 per cent, according to the city’s latest downtown occupancy study.
After reaching an eight-year low at the end of 2018, Prince George’s downtown vacancy rate increased only slightly in 2019 and remained at about the same level in 2020 – even during the months following the start of the COVID-19 pandemic.
In fact, the downtown has seen 28 new business license applications and 16 development permit applications, which is an increase from the previous study that was completed in August 2019 and reported 13 development permits and 24 new business licenses.
Also, commercial high-rise buildings, which includes buildings with four or more floors, reported a 5.1 per cent vacancy rate in 2020, which is roughly a 50 per cent decrease in vacancy from 2019.
Historical data trends reflecting high-rise vacancies indicate rates have been on a steady decline since peaking in 2014.
The city has been conducting annual surveys of downtown buildings since 1983. The information gained provides a valuable snapshot into the occupancy of the central business district buildings for that calendar year and the findings assist in redevelopment and revitalization efforts.
The study looks at floor area and available retail and office use, vacant and leasable space, and commercial high-rise vacancy.