Eight year low for downtown vacancy rates

The 2018 Downtown Occupancy Study shows a positive trend continues in Prince George’s downtown.

It shows an eight-year low for downtown vacancy rates, at 10.55%, which is a 0.55% drop from 2017. This number has continued to drop since reaching 14.80% in 2015.

This trend is the result of a downtown revitalization process the City of PG has been continuing in recent years. Mayor Lyn Hall believes people wanting to move to and live in the downtown is another factor.

“The study was about downtown and I think they’re seeing the developments like Park House Condos and having people live downtown is a real plus and they want to take advantage of that.”

Programming downtown civic facilities and spaces, marketing downtown for development and growth opportunities, and developing and implementing an Economic Development strategy have all been prioritized within the City’s 2016-2018 Corporate Plan.

With the focus on development at the forefront during that time, Hall says the door could be open for other areas to rise in priority.

“We’re going to start taking a look at the affordable housing piece, our parks, recreation, trails, those kinds of things are going to be very important to all of council. Not to mention we are going to see the pool and fire hall start to be built in 2019 so still a lot around the development also a lot around the recreational and social arts piece of Prince George is very important.”

Since the last Downtown Occupancy Study, conducted in July 2017, the downtown has seen 25 new business license applications and over $13 million in development permit applications.