BOMA BC Meeting with Vancouver City Council

On March 27th, 2023, BOMA BC met with members of Vancouver City Council and Mayoral Staff to discuss the Commercial Real Estate Industry’s unique role in Vancouver’s economy, and the challenges and opportunities that lie ahead.

Rising interest rates, labour shortages, technology sector layoffs, and heightened vacancy rates due to changing work habits all pose challenges for the commercial real estate industry, and particularly the downtown office market.

High office vacancy rates lead to a chain reaction. Fewer office workers lead to reduced downtown foot traffic, and ultimately leading to less downtown business activity.



BOMA BC took the opportunity to reiterate potential headwinds that our economy, and the commercial real estate industry may be facing. We noted that excessive tax increases, permitting delays, and barriers to doing business compound these problems.

Commercial real estate plays a unique and important role in our Province’s economy, and BOMA BC plans to continue advocating for competitive tax rates and removing barriers to business to ensure its success.

If you have any questions, please contact our Government Relations Director at zsegal@boma.bc.ca