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Supporting Commercial Affordability & Independent Business

    As Our Cities Grow + Density, Can We Provide Affordable Space For Independent Business?

    Affordable commercial space is as essential to small local businesses, our communities and the economy as affordable housing. We are experiencing dual, concurrent, and related crises in affordable housing and commercial space in urban centres in B.C., yet there is little focus on commercial affordability. There are innovative practices to include local businesses in new and existing developments, but the policies, practices and tools used are not well known. There are so many pressures in the industry - including new regulations, material and labour increases, and debt financing - that education, rather than regulation is the most important tool to share what is possible. In this project, LOCO BC will gather information and case studies to highlight successful projects and understand the challenges and barriers. We plan to develop educational materials, identify opportunities to share information with industry stakeholders and initiate multi-stakeholder dialogue on potential solutions.

    LOCO is excited to be launching Phase 1 of a multi-year project to. support commercial affordability and independent business, especially in new developments. We will gather information crucial for gaining insights into how we can best support our local economies and the businesses that allow them to prosper. We will undertake the following:

    1. Conduct an environment scan to identify the policies, practices, and tools of municipalities, developers, brokers, and leasing agents, and gather best practices for promoting commercial affordability and ensuring independent businesses are included in new developments.
    2. Interview stakeholders in each sector to understand challenges, opportunities, and potential solutions.
    3. Develop case studies to showcase successful strategies from different regions and sectors.
    4. Coordinate multi-stakeholder meetings to brainstorm and identify actionable solutions.

     

    We are currently in the process of engaging with partners. To date, we have the following organizations committed:

    Our project was recently featured in Business in Vancouver! Find the article Vancouver project takes aim at B.C.'s commercial rent crisis here. 

     

    Community Impact Real Estate