Community Impact Real Estate Society reimagines the purpose of property management
Thoughts of a commercial real estate portfolio may bring to mind images of shiny new retail fronts or vast mixed-use warehouses – but for one local enterprise, it represents a chance to promote equitable communities in Vancouver.
“You think about an area like the Downtown Eastside, which is experiencing lots of pressures, from homelessness, to the opioid poisoning crisis, to gentrification – which is driving up the cost of real estate in the neighbourhood.
Roughly 90 per cent of the portfolio consists of mixed-use buildings with retail on the ground level and housing above. CIRES, which was founded in 2017, does not manage the residential portions of these buildings. In the retail sector, the “urban retail Collier’s index vacancy rate” is estimated to be 3.9 per cent. In the Gastown area of downtown Vancouver, average net rent was in the range of $70 to $90 per square foot at the end of June 2023.
“When we have a vacant space, we’ll take expressions of interest. We’ll look at what the prospective tenant wants to do in that space and then we’ll consult with community and say, ‘What is missing on this block for your constituents? Is there a gap in affordable goods and services?’ We then overlay it against what the prospective tenant is offering and really use that community-informed model to decide how to tenant that space,” said Johnston.
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