As BC entered Phase 3 of its Restart Plan, the DVBIA is monitoring the impacts of the pandemic and downtown’s gradual economic recovery.
The primary focus of this report is downtown office and hotel occupancies, pedestrian traffic and retail mix. The preliminary analysis highlights downtown’s ‘hockey stick’ shape recovery granted it varies between sectors and levels are still well below the same period last year. April was the lowest point in terms of regional employment, hotel occupancies and pedestrian traffic. Office occupancy rates remain low as most of the downtown workforce continues to work from home or on a rotating office/home schedule. Although many street-level businesses are open, there has been a wave of closures, which may intensify as increasingly more retail chains file for bankruptcy and independent street-level businesses struggle with decreased sales. Nonetheless, new street-level businesses have opened, and foot traffic along retail corridors is increasing, especially on weekends.
Download the Report
Download your free copy of the DVBIA’s COVID-19
Economic Impact & Recovery Snapshot report.