City Centre Report : 1st edition
The 2020 health crisis has led to an economic crisis, an important shock that has affected several business sectors and industries.
With this contexte, many questions arise: what aspects are going well? What’s slow to make a comeback?
To answer these questions, Montréal centre-ville (MCV), in collaboration with the Urban Development Institute (UDI) of Quebec, with the support of the City of Montreal and the collaboration of public and private partners, they conduct the City Centre Report. A quarterly report aims to measure the effect of the COVID 19 crisis and shed light on efforts to revive the city.
As well as the financial and university center, touristic destination, cultural crossroads and a living environment, Montreal’s downtown is the primary driver of wealth creation in Quebec.
In this first issue, we’ve particularly highlighted the devastating effect of the crisis on the restaurant sector, as shown in the chart above. Overall, 36% of respondents stated they had ceased or reduced their patronage of downtown businesses or restaurants, which explains why, in August, 26% of all downtown businesses were vacant.
Regarding office buildings and the vacancy rate, in comparisons of the third quarters of 2019 and 2020 reveal the magnitude of the impact.
Moreover 96% of survey respondents continue working from home after the pandemic.
Also we can constate the almost direct relationship between the decline of public transportation use and the increase in the use of personal vehicles to get to work in the downtown area.