Earlier this year NAIOP Vancouver initiated an economic impact analysis to determine our membership's contribution to the economy of Metro Vancouver and the Greater Vancouver Regional District. This independent study was conducted by the UBC Sauder School of Business, Centre for Urban Economics and Real Estate. The information gathered from the report will be used to educate and inform our membership, the public, and municipal planners and politicians about the ways in which NAIOP Vancouver members contribute to employment and job creation, tax revenues, local and provincial GDP, and the evolution of our public and private spaces.
The results of the survey are powerful and empirically confirm how important the activities of our NAIOP member firms are to the economic health of the Vancouver region. The full report can be found here, however, some of the highlights are that NAIOP member firms:
- Own and manage 82.2 million square feet of commercial and mixed-use properties with an estimated value of $19.2 billion;
- Contributed $310 million in property tax revenue to local governments in 2011;
- Generated $9.7 billion in economic activity and $4.5 billion in GDP in Metro Vancouver;
- Generate over 200,000 jobs representing 16% of all employment in the GVRD; and
- On average, developed approximately 4 million square feet of new projects annually for each of the last 5 years.
Senior Vice President, Asset Management
GWL Realty Advisors Inc.