The Greater Vancouver region’s office market is entering a boom period as investments by major technology companies continue flowing in, according to RE/MAX Western Canada regional executive vice president Elton Ash.
The continued expansion of leading tech firms like Amazon and WeWork into Vancouver is a main contributor to Vancouver commercial demand, Ash explained.
These companies are also predicted to acquire further office and industrial space across Western Canada for the rest of the year and throughout 2019.
“Investment by major companies like Amazon in Calgary and Greater Vancouver is evidence that commercial real estate – office space specifically – in Western Canada remains a hot commodity,” Ash stated.
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“As Canada continues to push further ahead in areas like technology, investors both domestic and abroad see the potential for growth here and are willing to call Canada home,” he added.
An in-depth analysis by real estate investment services company Marcus & Millichap supported this thesis, noting that a red-hot technology sector is driving even-greater demand for commercial space in Canada’s top markets.
Vancouver’s office properties generated $1.1 billion in sales during the first half of 2018, according to Marcus & Millichap.
Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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