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Vancouver Tech Report Q4 2021

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Vancouver is emerging as a centre for diverse cultures due to its favourable location and ease of immigration, attracting many professionals across borders. This talent pool is supplemented by home-grown talent from world-class institutions within the city. The city attracts investment as well as breeds innovation and talent with its dynamic and forward-looking economy.

Metro Vancouver is increasingly receiving global recognition as a tech hub. Its diverse tech sector is evolving swiftly and growing exponentially. This report illustrates the strength of Vancouver’s tech industry and identifies the potential for further growth. It delves into the cost and availability of office space within the Vancouver office market, as well as the city’s economic outlook, tech talent pool, venture capital investment and cost of living.

Key takeaways:

  • The technology sector has always made up a strong portion of active mandates in the Vancouver office market and remains a major driving factor for low vacancy.
  • According to VEC, Metro Vancouver’s GDP is predicted to outpace the provincial and national real GDP growth rates of 5.8% and 5.1%, respectively. Vancouver’s economy had been performing remarkably well before the global pandemic and remained resilient during the pandemic. Metro Vancouver’s real GDP is forecast to increase by 4.1% in 2022. This recent economic growth is notably driven by the tech industry as well as the construction sector.
  • In terms of employment, data from The Conference Board of Canada shows, while the overall YoY percentage change for 2019-20 remained negative, the Professional, Scientific and Technical Services (PST) sector grew by 0.3%.; PST employment further increased by 11.7% in 2021.
  • With Vancouver being so attractive to highly skilled labour, its deep tech talent pool will only get deeper, making the city a top choice for tech companies over the world.
  • With businesses looking to attract talent, secure investment and establish trade ties to Canada to drive innovation and growth, immigration plays an important role in the Canadian tech sector.
  • Investment in Vancouver as a tech hub fuels research, entrepreneurship, and government incentives, and attracts top-tier talent. Venture Capitalists are increasingly attracted to Vancouver, thanks to its resilience and quick economic recovery, as well as its track record of breeding innovation and creativity.
  • Vancouver’s diverse tech ecosystem is anchored by startup incubation, technological development and digital resilience.

tech sector transformation

Vancouver Tech Report Q4 2021

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For More Information, Please Contact:

Darrell Hurst

Senior Managing Director, Brokerage | Vancouver

Vancouver

Darrell is a Senior Managing Director of Colliers Vancouver Brokerage operations, Canada's leading real estate services firm. Darrell is an industry veteran with more than 30 years expereince in the CRE sector across BC and Canada. Known for an extensive network of clients and deep industry knowledge, Darrell is invaluable at driving unparalled client solution results through strategic processes that align the clients corporate objectives with best in class services and best in class teams.

Darrell joined Colliers in 2021 after more than 5 years with one of Vancouver's leading development companies in an executive asset management role preceded by a highly successful brokerage career and founding team member of a leading national brokerage firm.

Darrell has been a long standing member of several industry associations including NAIOP, BOMA, UDI, ICSC, CREA and the Greater Vancouver Real Estate Board. Darrell has served several charity organizations as well as on many board/committees of industry associations over his tenure and continues to be active within the many communities in which he works. 

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Colin Scarlett

Executive Vice President | Personal Real Estate Corporation

Vancouver

Learn more at www.colinscarlett.com

For over 23 years, I’ve specialized in finding real estate solutions for business challenges, with a focus on technology and professional services firms. I use an exclusive methodology to truly understand my clients’ businesses and industries, giving them unique insights into their operations and positively impacting business drivers, including productivity, culture, engagement, retention/attraction, brand and operational efficiency. Not only that, I do it on the very best financial terms. 

By following this approach, I have provided business-driven real estate solutions to some of Metro Vancouver's largest companies, including:

- IWG (Spaces/Regus) - 600,000 SF (various projects)
- Technicolor/MPC - 200,000 SF (various global projects)
- Fortinet - 282,000 SF
- Royal Bank of Canada - 140,000 SF
- Global Relay Communications - 100,000 SF (various global projects)
- McCarthy Tetrault LLP - 82,000 SF
- University of British Columbia - 81,397 SF
- Farris, Vaughan, Wills & Murphy LLP - 67,369 SF
- Ernst & Young - 66,510 SF
- Immigrant Services Society - 54,620 SF
- Miller Thomson LLP - 48,000 SF
- Gowling WLG - 43,000 SF
- Microsoft - 37,096 SF
- Harper Grey LLP - 36,948 SF
- Relic Entertainment - 35,112 SF

I’ve traveled to 20 cities around the world to research the future of office space, and to study workplace design trends that increase employee engagement. I speak regularly at conferences about my findings, and contribute to reports and white papers. 

I am one of five people on Colliers' National Advisory Board which advises Colliers' Canadian CEO on key national business issues, am a regular faculty member at Colliers University in the Netherlands where I teach Colliers' leading professionals from around the world and have been awarded the Business In Vancouver Top Forty under 40 Award.

Specialties: Lease Renewal Negotiation
Office Relocation / Expansion
Office Sublease / Disposition
Corporate Strategy Development
Market Analysis
Financial Analysis
Lease vs. Own Analysis
Vancouver Office Space
Employee Satisfaction and Location Surveys
Technology / Tech Firms
Law Firms
Professional Services Firms

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