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.
