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David A I agree with all theses points and having lived downrown for almost the past 25 years I am just a frustrated as you are. But there are some realities working against retail downtown right now not to mention safety as an obvious one that seems it might be getting better.

- Maybe 50% of office workers returnedc, many on 2-3 days a week.
- When retail is looking to locate ‘downtown’ or centrally they’re also thinking about Oliver. Combined there’s about 32,000 people. Downtown proper is 13000. By comparison Downtown Vancouver is 100,000.
- For many retailers Brewery District IS downtown or at least central. It is 300,000 sq Ft of new retail and has been in all accounts quite successful.

We need more people. All the leasing agents I talk to retail comes after not before. You can make a place a destination for sure but much harder sell to property owners.
 
Greenspace said:
David A I agree with all theses points and having lived downrown for almost the past 25 years I am just a frustrated as you are. But there are some realities working against retail downtown right now not to mention safety as an obvious one that seems it might be getting better.

- Maybe 50% of office workers returnedc, many on 2-3 days a week.
- When retail is looking to locate ‘downtown’ or centrally they’re also thinking about Oliver. Combined there’s about 32,000 people. Downtown proper is 13000. By comparison Downtown Vancouver is 100,000.
- For many retailers Brewery District IS downtown or at least central. It is 300,000 sq Ft of new retail and has been in all accounts quite successful.

We need more people. All the leasing agents I talk to retail comes after not before. You can make a place a destination for sure but much harder sell to property owners.
Click to expand...
The valley line with help brewery district be a bit more accessible to downtown proper hopefully. And city centre mall to west Oliver/westmount areas. Hopefully those might draw traffic to each other more.
 
'Urban Doom Loop' is the new term coined for the decline in commercial real estate values which then has a nock-on effect in tax based as well as the banking sector and even perhaps pensions that are exposed to REITs, etc. Video explains more.

www.cnbc.com

The 'urban doom loop' threatening American cities like New York and San Francisco, explained

Major American cities such as New York and San Francisco face serious problems — mass migration, empty offices and declining tax revenues.
www.cnbc.com www.cnbc.com
 
Greenspace said:
'Urban Doom Loop' is the new term coined for the decline in commercial real estate values which then has a nock-on effect in tax based as well as the banking sector and even perhaps pensions that are exposed to REITs, etc. Video explains more.

www.cnbc.com

The 'urban doom loop' threatening American cities like New York and San Francisco, explained

Major American cities such as New York and San Francisco face serious problems — mass migration, empty offices and declining tax revenues.
www.cnbc.com www.cnbc.com
Click to expand...
It sounds really like just the opposite of gentrification. These things go in cycles.
 
I feel social media does tend to amplify the extremes in everything and then add a catchy headline. So not at all surprising to hear a term like 'urban doom loop' being thrown about.

Part of it is certain places became popular and then became very/too expensive, so yes it is cycles, not the end of the world.

On a more positive note, other places that are more affordable will do better, at least until there is a market adjustment in those very expensive places. Yes, the adjustment may be painful for those who invested in real estate in those expensive places, particularly at the top of the market, but of course, buying high and selling lower is never a wise strategy. However, often it is only evident in hindsight as people tend to be attracted to places where property values increase dramatically, at least until that stops or reverses.
 
I don't know how long they've been closed. I'm betting that the construction around the 108 St Building was a factor.

20231011_123511.jpg
 
That place didn't get a lot of customer traffic as well, in my observation. It's a shame since that coffee house probably depended a ton on GoA/GoA affiliated traffic/WCB and Blue Cross. The hybrid model really lowered the amount of people in the Govt District for all those organizations.

Doesn't help that Stopgap and District (and Bar Oro for a lil bit) are nearby as well. Hopefully a restaurant or something similar takes that spot.
 
GoA just shed a bunch of office space in 108 st building recently also. Shame, Capital Boulevard is getting thin on amenities.
 
I think it's very obvious that the solution to downtown's problems is housing. Turning the core into a functional neighbourhood instead of a destination for office workers, or diners, is the way to go.

If people live in the area the office space will eventually lease up due to proximity, but the days of commuting into the core for an office job are less of a reality for many.
 
IanO said:
Edmonton needs to add 5-10,000 people Downtown yesterday, but it MUST drive employment growth to ensure a balanced future with reasons to be there.
Click to expand...
Are there any incentive programs cities have used to help draw people into downtowns elsewhere? Like obviously safety, jobs, vibrancy etc is key. But would financial incentives of some kind work? I’ve thought about like a UBI for downtown residents for DT businesses. Or student grants and subsidies for living downtown. Free arc cards for downtown residents. What could help?
 
At what point does that model breakdown versus making it a safe, vibrant, destination for investment and those wanting an urban experience?
 
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