What’s the value of investing in Downtowns?
That’s a question the International Downtown Association and Downtowns Canada set out to answer. So, they commissioned the largest economic review of Downtowns in history.
The result? The first of it’s kind comprehensive look at 17 Canadian Business Improvement Areas and Districts that are leading Canada’s local economic development renewal.
You can read the full Value of Investing in Downtown’s report online. For your convenience we’ve highlighted the 7 key finds that support our call to continue strategic investments in the core of Canadian cities. Here the are:
- Downtown’s punch above their weight: Downtown’s typically occupy less than 1% of citywide land, yet account for over 20% of construction revenue and activity.
- Downtown’s support sustainable development through effective transit and transportation models, and by promoting walkability.
- Downtown’ are increasingly attracting postsecondary education institutions bringing with them an educated working class.
- Downtown’s hold the lowest vacancy rate compared to industrial and other commercial centres in their respective city.
- Downtown’s provide a significantly higher property tax by percentage of land area on account of their densities: Downtowns often comprise as little as 1% of citywide land area, but attract ten or 20 times that in terms of contributing to the City’s assessment.
- Downtowns in general have experienced the most rapid population growth as a percentage of the city’s overall growth.
- Downtowns are employment hubs representing diverse economic and cultural activities in the city.
We believe that the city’s central business district is at the core of its economic and cultural success. Share this post if you agree!