2024 State of Downtown report finds visitors to Vancouver’s core exceed pre-pandemic levels

Four years after COVID-19 brought the world to a standstill, economic recovery from the pandemic is still ongoing – and that’s reflected in the annual State of Downtown report from the business association in Vancouver’s core.

According to the report, more people visited downtown Vancouver in 2023 than in 2019.

"But they're not coming in as often, and we attribute that mostly to the hybrid work culture,” said Jane Talbot, Downtown Van’s president and CEO. “So, in 2019 they were coming in for five days of work. Now, they're coming in for two, three and hopefully four."

Some businesses have closed downtown offices altogether in favour of having staff work from home, something that’s reflected in the office vacancy rate of 9.4 per cent.

Fewer workers in the city’s core is having major impacts on a variety of businesses, but perhaps none more so than the restaurant industry, where many establishments continue to break even or lose money month over month.

"We're seeing people going out but they're buying differently. They're buying down. So, they're tending to maybe go to happy hours, maybe sharing a meal, maybe having one less cocktail because they are being mindful of their own budgets,” said Ian Tostenson of the BC Restaurant and Food Services Association.

With warmer weather upon us, he’s hopeful a strong patio season can reverse the fortunes for many of his member businesses.

Peak tourism season should help boost hotel occupancy as well.

It was 79 per cent last year, just one point off the pre-pandemic mark of 80 per cent in 2019.

"And that's critically important because that sector touches so many other sectors,” said Talbot. “Related to that, of course, is our cruise ship industry, [which had a] record year in 2023 and we expect a similar year in 2024."

This business association is in the planning stages for a number of events and street activations this summer as it hopes to draw tourists and locals alike to the downtown core.