Post\u002DCOVID retail vacancy rates remain high and office\u002Drelated street traffic is low, but Downtown Van is seeing improvement
released this week was that restaurant and food-service business openings outpaced closures between last November and this June by a ratio of 27 to 13.
Business, however, hasn’t been exactly as he predicted. And Abdullah said some customers are reluctant to come in because of the people living on the street nearby. Tourists, while present this year in numbers higher than during the pandemic, still haven’t returned to pre-pandemic levels, said Patrick Shaughnessy. The absence of large numbers of office workers is also noticeable, he added.Advertisement 5Overall, Downtown had an 11.9 per cent storefront vacancy rate in June of 2022, compared with 12.1 per cent in 2021. Granville Street’s vacancy rate, however, topped out at just over 20 per cent.
Businesses are still figuring out return-to-office plans, according to real estate researcher Andrew Petrozzi. “That’s a complicated question,” he said.
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