Vancouver has always represented some of the best of business and commercial opportunity. The well-educated work force with its strong and stable economy has positioned Vancouver to stay a thriving home for commerce and industry.
Since there are sectors that are consistently well performing and in fact hiring, there are more options for commercial space. Professional services, technology and financial sectors are steady and strong in Vancouver and continue to be both hiring and leasing space, in some cases expanding.
While in other areas such as Toronto and Calgary the new commercial space development is booming, Vancouver has reduced its occupancy recently from nearly 8% to just below 7%. This has allowed the office leasing enterprise to stay steady and consistent, and to appear to be trending up. This also leads to the leasing business doing well also.
There are many factors about Vancouver that are beneficial for commercial property investment. This is a very competitive environment with a commitment to economic development. Vancouver worked to attract the film industry and now benefits from the tangential economic boom such as the technology of animation and film production industries that have thrived since filmmakers have arrived. Vancouver offers clusters of industries such as the technology cluster or financial districts that encourage both cooperation and competition. Retail interest in Vancouver is growing from Canada and the US. The proximity to Asia makes Vancouver desirable to the commercial investment market.
This is a city that appreciates sustainability and green. The greenbelt and environmental culture are thriving in Canada but especially in the active lifestyle of Vancouver. This is a city alive with parks, trails and all sorts of outdoor recreational activities. The quality of life in Vancouver is high, and the interest in an active lifestyle continues to increase.
The infrastructure in Vancouver is substantial and well suited for commercial investment. There is strong regional leadership in Vancouver, which increases the interest in commercial investment.
Vancouver has a thriving port area, good commercial options and logistic opportunities. Clusters of stable, thriving industry and business sectors make this an attractive area to do business, to attract business and for business to continue to thrive.
The current Vancouver commercial real estate market is steady and strong. All indications and conditions exist for this trend to continue. The labor market in Vancouver is consequentially growing in light of the steady market, which also attracts more business.
As in all real estate investments, location is a critical part and perhaps more so in commercial investments. Vancouver seems to offer clean, sustainable, green, educated and competitive environments, which will make investing in commercial property in Vancouver a good bet for some time to come. So whether you come for the climate, the environment or the quality of life, you may find that you are not alone in coming to Vancouver for business.