Mixed-Use As a Tool for Suburban Town Centre Office Space Development in Metro Vancouver: A Case Study in Port Moody, BC
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How can mixed-use development be used as a tool of cross-subsidization, allowing for the creation of office space in Metro Vancouver suburban town centres where it would not otherwise be economically viable? The central hypothesis explored in this report is that mixed-use development, focused primarily on residential uses, allows for office space to be 'carried' or subsidized on the development pro forma, making development of office space viable where it would not otherwise be so. Pro forma financial analysis is conducted for a single development site in Port Moody, British Columbia. Semi-structured interviews are used to gather data for the financial analysis and to test the analytical generalizability of case study findings to other areas of Port Moody and municipalities beyond. Case study findings indicate that, provided there is sufficient residential space within the project to make the overall project viable, office space can be included in the project and offered at rents congruent with what the market can pay. Residential end-users subsidize the office component.