This year’s report provides insights into the performance of various sectors that contribute to the downtown economy and covers topics such as retail, tourism, office space, transportation, and hospitality. It also analyzes the impact of the pandemic on these sectors and identifies the trends that have emerged during the recovery phase.
REPORT HIGHLIGHTS
- In 2022, monthly downtown retail corridor visits were 14.5% below pre-pandemic levels, an improvement from 36% below in 2021. (Environics Analytics, Downtown Van)
- As of February 2023, downtown storefront vacancy is at 13%. This is up from 12.8% last year. (Downtown Van)
- The end-of-year downtown office vacancy rate increased from 8.1% in 2021 to 9.8% in 2022. Within the next five years, downtown Vancouver could see an increase of 15% in new office space. (CBRE)
- Downtown hotel occupancy increased from 40% in 2021 to 72% in 2022, reaching 90% of 2019’s occupancy levels. (Destination Vancouver)
- Downtown’s travel and entertainment sales saw 46% monthly average year-over-year growth in the second half of 2022. (Moneris, Downtown Van)
- In 2022, the average monthly workplace visits to downtown Vancouver were 37.9% below pre-pandemic levels. This is an improvement from 46% below in 2021. (Environics Analytics, Canadian Chamber of Commerce)
- Transit boardings in downtown Vancouver recovered to 75% of pre-pandemic ridership in 2022. This is a 50% increase from 2021. (TransLink)
EVENT LAUNCH
On Wednesday, April 5th, Downtown Van will release the State of Downtown 2022 report at a launch event at Rosewood Hotel Georgia.
The launch event will include the following panel of experts, Geoff Teoli, Film Commissioner for the City of Vancouver; Nate Sabine, Director of Business Development for Blueprint and Board Member for Downtown Van; Jill Tipping, President and CEO for BC Tech; and Sean Bailey, Data Analyst for Downtown Van.
The event will be moderated by Downtown Van’s Interim President and CEO, Jane Talbot.