While the return to face-to-face work is still disappearing, the economic downtown area of Montreal is doing well.
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Businesses located in office towers will undoubtedly be most affected by the postponement of direct return to work and suffer significant losses in their revenue.
“We find office towers and shopping malls where vacancies are high. On the contrary, businesses located on the street have the lowest vacancy rate and perform best,” said Glenn Castenheira, general manager of the Montreal Center-City organization.
Diversity as a driving force
The economic survival of many businesses in the city center is supported by the various activities there.
“It’s really great luck, the luck of the city of Montreal. You should know that Montreal is not just a workplace compared to other cities around the world. .
Play Urban Gravity
“The solution is, we have to attract traffic to the city center even if the offices are closed. It is present, we have impressive traffic. Trying to book at lunch is a perfect example: the week is very difficult because the restaurants are full,” the expert continues.
The city of Montreal today has a higher occupation rate than many other business zones in the world. 5Th Avenue in New York (one of the most important commercial arteries in the world) is 25% unoccupied, while Saint-Catherine is 11% unoccupied.