Councils in those cities have considered an additional small charge on hotel rooms of £1 or £2 to raise extra money to spend on culture but introducing such a move may need a change in legislation.
Some who took part had lost their equipment and work in a fire in a building on Donegall Street at the start of October.
But it also examined how much space and accommodation was available for artists, musicians and other people in the creative sector to work and rehearse.
It said there was an "immediate need for provision for space for creative people to work" and that was "an existential threat that, if not addressed, will cause severe damage to the cultural fabric of the city".
The report said that while the Cathedral Quarter area of the city was once "home to vibrant art studios", rising property prices had caused them to leave.
Other established studios, like Vault Artist Studios which houses over 100 artists and the city's first tool library in east Belfast, were coming to the end of their leases and looking for new premises.
The report suggested a number of buildings in the city that could be used to provide more studio space, including the former Belfast School of Music on Donegall Pass in south Belfast and a former supermarket on Royal Avenue.
The report said that the Golden Thread Gallery had a long-running plan to create a new venue and contemporary art gallery in the city centre, which could "provide a visitor destination for the gallery and the region".