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Planning staff summarize 2014 Downtown Plan monitoring: vacancies, hotel rates and development pipeline
Summary
City staff presented the five-year Downtown Plan monitoring report covering 2008'02/2014, highlighting a retail vacancy spike in 2009 now down to ~6%, average daily hotel rates up about 34% to roughly $254, and an office and housing pipeline including millions of square feet of planned office and thousands of housing units.
Paolo Quezoe of the Citywide Division summarized the 2014 Downtown Plan monitoring report for the Historic Preservation Commission Aug. 19, noting key economic and development indicators spanning 2008 to February 2014.
Quezoe said commercial vacancy rates rose in 2008 and peaked through 2010 before falling; retail vacancy downtown spiked to nearly 11% in 2009 and was back to about 6% by the report's end. He noted that average…
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