Economy runs on real estate
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Commercial real estate is driving Metro Vancouver’s economy, according to a new report by the National Association of Industrial and Office Properties (NAIOP). The report, titled The Economic Impact of NAIOP Members, determined that NAIOP members:
• contributed a total of $310 million in property taxes to local governments;
• generated nearly $9.7 billion in economic activity associated with NAIOP member firms and $4.5 billion in GDP in Metro Vancouver;
• generated more than 200,000 direct and indirect jobs;
• owned or managed a total of 82.2 million square feet of commercial and mixed-use properties in Metro Vancouver, equating to $19.9 billion in estimated property value; and
• accounted for an average of 3.95 million square feet of new construction in Metro Vancouver over the last five years, estimated at $878 million in value.
“One of the key findings of the study shows the growing importance to our members through the significant amount of property taxes we contribute,” said Darlene Hyde, executive director of the Vancouver chapter of NAIOP.
Western Investor