Fifty years ago, the first chapter of the Commercial Real Estate Development Association was formed. Known across the globe as NAIOP, our organization was designed to bring together developers, owners, and investors to gain industry insights, network, learn, and professionally grow.
NAIOP Vancouver has become one of 50 chapters in North America, offering a forum for continuing education and effective public policy at all levels of government. Whether it’s industrial real estate or retail, our members are working together to build a strong commercial real estate market for Metro Vancouver.
And it shows. In a study prepared by UBC’s Centre for Urban Economics and Real Estate, NAIOP members currently own or manage 68.4 million square feet of commercial and mixed-used properties in Metro Vancouver. Equivalent to $30.6 billion, this is broken down into 22.2 million sq.ft. of offices, 15.9 million sq.ft. of retail, 3.9 million of residential, and 26.3 million sq.ft. of industrial. This has huge impacts on the city, as members’ annual tax contributions total $514.5 million in property tax payments in 2015.
In addition to holding property, NAIOP members develop most of the commercial real estate in the city. Every year, local developers add more than 865,000 sq.ft. of office space, 453,600 sq.ft. of retail, 192,000 sq.ft. of residential/mixed-use, and 646,300 sq.ft. of industrial to the city.
Not only does this provide inventory in a highly sought-after market, but it will also create jobs and strengthen Vancouver’s economy. Through indirect and direct employment, NAIOP members provide more than 230,500 jobs. This, along with their properties, generate nearly $10 billion in economic activity and $4.53 billion to Metro Vancouver’s GDP.
If you’re looking to advance your career or build brand awareness for your company, becoming a member will offer high returns for your investment. You’ll automatically be connected with the biggest names in commercial real estate industry by joining the vast network. As NAIOP extends to chapters across North America, it’s a great way to learn more about other markets that could benefit your business.
Our team is always hard at work creating new events to attend. From our monthly Breakfast events with expert panelists to trips to New York, you’ll always find new ways to meet members and learn more about the industry. Thinking of joining? It’s easy! Visit our website for details.