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Originally Posted by Burquitlaman
The 3x makes sense tbh. You're getting something that is decades newer on the main drag. The issue is all the new spaces are coming online in towers that are adjacent to the main roads (North Road, Austin...). This is beyond idiotic. Take Foster ave or whiting. None of those buildings have any commercial in their podiums. And why not? Idiotic zoning laws is why not. A small commercial space in one of those would allow a barber shop to come in at a reasonable price.
Have they told you when they have to be out? Are they month to month?
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I totally get the frustration about what looks like “idiotic zoning laws,” but I don’t think they’re the main reason new CRUs are so expensive or scarce in certain parts of Burquitlam—at least not anymore. In the past, zoning bylaws tended to separate commercial and residential areas, limiting mixed-use developments. But nowadays, even when mixed-use zoning is allowed, the economic reality of building new CRUs is seriously out of touch with the local economy. Most of these newly built spaces command premium rents, and that inevitably attracts businesses like banks, dental clinics, and other high-revenue service providers.
In the end, it’s more about the market dynamics than just zoning issues alone. Unfortunately, the only real “fix” for CRU affordability may be letting enough time pass so that economic growth and inflation raise the revenue of local businesses relative to rent costs of CRUs that are currently being or have been built in the last few years. It’s not exactly a cheerful solution, but it might be the most realistic path for smaller businesses to eventually afford these newer commercial spaces.
The owner-operator of Plaza Barbers has not told me about his lease terms, but he has said to me that he was told by Morguard that Morguard does not expect to move forward on the south plaza (what I guess would be phase 2) for at least a decade. He also told me that all of the tenants in the North Plaza are on reduced rents (relative to what he is paying) and are month-to-month
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