In Montreal, commercial space vacancies are decreasing in certain neighbourhoods, but not really fluctuating in the downtown sector.
Across Montreal, the storefront vacancy rate stands at 13.1%, down slightly from 15% in 2019, according to the city's open data portal.
The hardest hit areas are downtown. The Ville-Marie borough, which includes parts of major commercial streets such as Rue Sainte-Catherine, has a vacancy rate of 19%. A healthy range is between 4% and 7%, as the city of Montreal represents.
The Ville-Marie borough, which includes parts of major commercial streets such as Rue Sainte-Catherine, has a vacancy rate of 19%. (archive photo)
Photo: The Canadian Press / Paul Chiasson
The fact that despite the pandemic we have, there are no more empty shops than before is fantastic news
Recently Luc Rabouin, president of the Montreal Executive Committee, announced in an interview.
He said there were few reports of empty shops on many streets after renovations to make them more attractive. The vacancy rate on Avenue du Mont-Royal in the Plateau district fell from 14.5% in 2018 to 5.6% this year after the street was closed to automobile traffic and redeveloped to add seating and greenery.
On the other hand, downtown has lost foot traffic due to the rise of remote working due to the pandemic – a situation that all major cities are facing.
Representatives of several local business development groups, known as business development corporations (BDCs), report that vacancy rates are falling, even as high inflation and rumors of a recession threaten their post-pandemic recovery.
Saint-Denis Street, which has long suffered from vacant storefronts, saw its vacancy rate drop from 24% to 16% in 2020, the general director said. SDC Rue Saint-Denis, Julien Vaillancourt Laliberte.
Mr. Vaillancourt Laliberte suggests things are happening Very good
Thanks to the end of major road works, the completion of the express bike network (REV) in Saint-Denis and provincial funds to help city centers recover from the pandemic. Street is one of the few that allows residents to rent out their homes on short-term rental platforms like Airbnb.
The challenge of abandoned buildings
Mr. Vaillancourt Laliberté said one of the challenges in further reducing the vacancy rate is the presence of storefronts that have been closed for a long time, often in poor condition, and owners are confirming they don't want to rent.
Patrick Legault, President SDC Of Hochelaga-Maisonneuve, the same opinion.
Generally, landlords are happy to talk to us, arrange meetings and meet potential tenants, but some will leave their buildings.
, Mr. Legault explains. The section of Sainte-Catherine Street he oversees has a 14% vacancy rate, partly due to abandoned buildings that are uninhabitable.
The city has introduced new rules requiring owners of vacant buildings to register higher maintenance standards or face fines. Business community groups welcome the rules, but it's unclear whether the city will enforce them.
While SDC leaders are proud of the work being done to reduce vacancy rates, they warn that a difficult economic climate, rising municipal taxes, lack of commercial rent control and delays in repaying business loans during the pandemic risk halting progress.
The Wellington Street case
Wellington Street in Montreal's Verdun borough is thriving, with its beautiful storefronts lining a lively pedestrian neighborhood.
With a commercial vacancy rate estimated at around 6% by the neighborhood business association, the The most beautiful street in the world
According to the magazine Time is upIn 2022, the city won its battle against the vacant storefronts that plague many of Montreal's main arteries.
In Wellington Street, Verdun. (archive photo)
Photo: CBC/Jillian Kestler-D'Amours
Marie-Yves Girard, Business Development Consultant SDC Wellington believes Wellington Street has benefited not only from the magazine's ranking but also from the influx of tourists. Time is upBut thanks to some aspects of the COVID-19 pandemic, it has encouraged the citizens of Verdun to explore their local streets.
As people stay at home, they rediscover their surroundings.
There was also a tremendous enthusiasm to buy locally
she said.
To further increase demand, SDC Rents, one month at a time, formerly vacant storefronts to entrepreneurs who want to test the neighborhood's business climate.
However, all is not rosy on Wellington Street either. A poster for rent
A boutique also known as Jaymart, which has been closing its doors for over 100 years, sits in the window of Sav. Owner Amit Natalia says his health is the main reason for closing, but he says business is tougher now than at any time he can remember.
With COVID and the economy, people don't have money, they don't spend money
Asks the entrepreneur.
Marie-Eve Girard declares that the street is not resting on its laurels. Ultimately, it is likely to become a victim of its own success as building owners raise commercial rents and force tenants out. The difficult economic situation is more pressing as people spend less.
Our street is fine, but we are always vigilant.
The city's SDCs work with their boroughs to organize events including a comic book festival on Saint-Denis Street and an outdoor sugar shack and giant puppets on Wellington Street. In Ville-Marie, artists, businesses and nonprofits can apply for a permit to temporarily occupy a vacant storefront.
In the era of online shopping it is not just about the goods to sell, but also about creating a unique experience to attract customers personally
Julien Vaillancourt Laliberte suggests.
Are we going to stay at home, take out a credit card to buy something delivered to our door without human touch, without transmission of values, without emotional connection to our street? I think (this experience) is what people want.
About The Author
More Stories
The ES-30 hybrid electric airliner was unveiled for the first time
Your Google Account may be deleted if you no longer use it
“I'll lose everything”: Hundreds of campers say goodbye to their campsite