Quote:
Originally Posted by WarrenC12
I've never understood the high rents in Gastown. It has some appeal, but relatively speaking the cost to do business always seem out of this world.
It has been "up and coming" for 20+ years. Proximity to the DTES will never change.
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Pre-COVID, Gastown was always seasonally busy, with wealthy foreign tourists. That used to be a licence to print money, if you were in the business of producing tourist tat (T-shirts, kitsch Canadiana, even "Canadian high-end" restaurants). So landlords consequently charged Robson-level rents for the street, and touristy shops flourished. The nearer the cruise ship terminal, the better the foot traffic.
Apparently the cruise ship rules are changing, so Alaska-bound ships won't need to make a Canadian stop any more to avoid various regulations. Hence the growth in the ports in the Seattle region. I can only guess there will be a levelling-off, or fall, in the growth of Vancouver cruise ship traffic post-COVID. We shall see how that affects rents in the neighbourhood, and if landlords see the writing on the wall and start to redevelop their properties if they think the cash cow will be drying-up.