Can I use my GPC card to rent this $500 commercial space for my organization's Town Hall meeting?
As long as you have funds appropriated for that expenditure (meets your mission, i.e. for specific mission essential meetings rather than a holiday party) renting a conference room is an appropriate use for the Government Purchase card. Payments in advance to reserve a conference room is prohibited as advance payment is not allowed.
The Defense Procurement Acquisition Policy office has guidance on its website at http://www.acq.osd.mil/dpap/pdi/pc/policy_documents.html.
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I recommend you also consult with your Approving Official and your Agency Program Coordinator for Service/Agency specific policy.