Amazon opening up Vancouver office space.
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.
What does Amazon expanding in Vancouver mean to me?
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.