According to the certified real estate appraiser of the firm Côté Mercier Data Service, Christian-Pierre Côté, who conducted a study in the summer of 2024, the Capitale-Nationale must combine with a scarcity of commercial spaces.
In 2023, only the premises on 3rd Avenue in the Vieux-Limoilou sector were all rented.
Three other arteries in Quebec now have a vacancy rate of 0%. In 2024, the vacant spaces on Boulevard Pierre-Bertrand, Route de l’Église and Avenue Myrand have all found takers.
The jump is all the more striking on the Route de l’Église side, as its vacancy rate went from 11.8% to 0%.
In Mr. Côté’s opinion, a vacancy rate of 0% is a sign of vitality. “Our traders make money. People spend on our local arteries.”
However, such a situation is double-edged, he hastens to add. Incumbent owners do good business, but cannot expand while remaining anchored.
Following the law of supply and demand, a low vacancy rate on these arteries also exerts “strong pressure on rents”.
Less popular
Actions have been taken to improve the image of 3rd Avenue and Route de l’Église. Seeing the result, the expert emphasizes that they have been successful.
The same operation was carried out on the Avenue Maguire side, which did not have the same luck. Its vacancy rate rose to 5.5% in 2024 compared to 2% in 2023.
Rue Saint-Louis (5.3%), Avenue Cartier (1.3%) and Rue Saint-Joseph (6%) also saw some of their commercial spaces free up.
According to Mr. Côté, the switching rate is around 5%. “At the top of 5%, you have to ask yourself questions. Below, there are other questions that need to be asked.”
In the space of one year, the vacancy rate of the main arteries of the Capitale-Nationale region has fallen from 4.2% to 2.9%. In 2021, it was 5.9%.
The specialist believes that this portrait should encourage developers to increase the number of commercial spaces, despite construction costs which remain high. “We lack places to accommodate new businesses and to have greater diversity to serve citizens,” he says.
Lévis is on “an interesting path”
On the other side of the bridges, the Miscéo District and the Route des Rivières saw their vacancy rate increase.
Miscéo district, which includes Route du Président-Kennedy, Rue Louis-H.-Lafontaine, Boulevard Wilfrid-Carrier, Boulevard Étienne-Dallaire and Boulevard Alphonse-Desjardins, has a vacancy rate of 2.6% . In 2023, the latter stood at 0.5%.
For its part, the Route des Rivières has a vacancy rate of 2.5% compared to 0.8% in 2023.
Development projects have multiplied both on the Route des Rivières and in the Miscéo District. (Patrice Laroche/Le Soleil)
According to Mr. Côté, Lévis is on “an interesting path,” as new premises have been added to the rental market. “It’s normal to have an absorption period when you add inventory,” he explains.
By developing these two commercial centers – at the head of the bridges and in downtown Lévis – Boulevard Guillaume-Couture could have declined. On the contrary, the artery has seen renewed interest, while its vacancy rate has fallen from 5.3% to 3.7%.
The same signal is sent from Taniata’s side.
While the situation was considered problematic in 2023, commercial spaces, which were struggling to find buyers, are now rented on this main artery of the Saint-Jean-Chrysostome sector. The vacancy rate stands at 4.8%.
