Amazon announced earlier this year that they will be employing up to 3000 people in the new development taking place above the old Canada Post building in downtown Vancouver.
This new commercial real estate development will be called “The Post”, and will be opening in 2022. Amazon is planning to occupy about a third of the building, which will be a mixed use development consisting of office space, retail, and restaurants.
Eventually Amazon is hoping to eventually house about 5000 employees in the space, which is a massive number for them. Vancouver is a great market for them as the average salaries are much lower than in Seattle or San Francisco, especially given the fact that they have to pay in discounted Canadian dollars.
For real estate investors, Amazon moving in creates many opportunities;
1. the need for residential rental properties. Amazon employees are well paid, and will need places to live. There is a good opportunity for you to provide this rental real estate to them.
2. commercial office space will be needed for tech companies. When Amazon comes to town, this creates an umbrella effect that will push Vancouver’s tech industry upward. This will create more demand for office and commercial real estate space.
As you can see, Amazon expanding like this is a very good thing for Vancouver’s economy, and will create many opportunities for real estate investment and development.
Looking for some commercial real estate advice? Please contact our real estate company here.
Waving the notice period for an SGM or SGM If you’ve been involved with Strata…
On a fairly regular basis, we will receive complaints from strata owners concerning their neighbours.…
This subject seems to come up every December or January, when we get our first…
Unsure of your role as the Strata Council Secretary? Here are a few things that…
How is BC Strata Management like an iceberg? What Strata Owners see on the surface…
Ideas to help boost attendance at your AGM I think that most people will agree…