BOMA BC eNews
November 10, 2022
Association News
As we head toward the new year, many market watchers are ringing recession bells. Will we see an "inevitable" financial downturn in 2023, or will Canada's economic response be more robust?
 
Join us next week for our November Luncheon as we discuss 2023's economic challenges and opportunities and what lies ahead for BC's real estate market.
 
Christmas in the Capital City!

Join the BOMA Victoria Chapter for our first Christmas Luncheon since 2019! Featuring a buffet meal, refreshments, prizes, and more; don't miss this opportunity to socialize with your peers and celebrate the season!
 
Raffle tickets will be available for purchase on-site by cash or credit card. This year, partial proceeds will go to The Mustard Seed Food Bank.

Hope to see you on Thursday, Dec. 1 @ The Marriot Victoria Inner Harbour, Victoria, BC.
 
We had six new members join the Association in October. Please join us in welcoming them to BOMA BC!
 
Make sure to save the date for the following events coming up in 2023!
 
• February 1st | QBT Session
• February 16th | February Luncheon
• March 1st | QBT Session
• March 3rd | BOMA Ski Day
 
Has your building undertaken a retrofit that has resulted in significant energy savings within the past year or two? If so, we want to hear why and how you did it. We’re keen to showcase your efforts to the greater market because you deserve the recognition, and others will learn from your experience. BOMA BC has funding to produce a case study of your building with insight from your engineering firm or other managing contractor.
 
Interested in being profiled for your team’s efforts? Contact BOMA BC’s Climate Action Manager, Jennifer Davis, or call our office: 604-684-3916.
 
Your BOMA BC membership is coming up for renewal. Please keep an eye out for a renewal email coming later this month. 
 
Thank you for your continued support!
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Regulatory News
On November 1, 2022, BOMA BC met with the Development, Building and Licensing Department at the City of Vancouver to discuss the continued permitting challenges faced by BOMA members.
 
Source: Province of British Columbia
 
The Province is moving forward with permanent regulatory changes that will ban the widespread sale and use of second-generation rodenticides.
 
Government Affairs
On October 18, 2022, BOMA BC met with BC Liberal MLAs to discuss ongoing advocacy issues for the commercial real estate industry, including property tax assessment challenges and energy efficiency incentives for existing buildings.
 
Bartlett Tree Experts
Grime Fighters Service Group
Events & Education
Winter is quickly approaching! With it comes extreme weather conditions that put your building through rigorous testing. During these events, damage to your building can occur – unless you're prepared...
 
Watch this recent (October 2022) webinar on BOMA's e-Energy Training to get more information about the course from the course creator, Prism Engineering.
 
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Good to Know
Source: renx.ca
 
Fears of an imminent recession in Canada might be a bit overblown – at least according to one senior Bank of Canada economist who spoke at Ottawas's Real Estate Forum.
Source: bisnow.com
 
Artificial intelligence and automation have been talked about as potential change agents within the CRE workplace for years. Last year, CEL & Associates CEO Christopher Lee told Bisnow 35% of the workforce will not come back to the office full time, and automation may play a big role.
Source: reminetwork.com
 
In its 44th edition, the report includes proprietary data and insights from more than 2,000 leading real estate experts, exploring shifts in the property sector since the pandemic, changing investor sentiment toward climate risks, the emergence of impact investing, and other current and pending issues within the United States and Canada.
Source: CommercialWestern InvestorWestern Investor
 
Metro Vancouver cap rates are rising for the first time in nearly a decade, but the future looks firm for both office and industrial space thanks to a shortage of new product in the region.
Reotech Construction Ltd.
Ultra-Tech Cleaning Systems Ltd
Event Calendar
16
Nov 2022
 
Funding Decarbonization Projects With Minimum Hassle and Risk
10:00 AM - 11:00 AM PST - Zoom
17
Nov 2022
 
BOMA November Luncheon: Economy 2023: Challenges + Opportunities
11:30 AM - 1:30 PM PST, Fairmont Waterfront Hotel, Vancouver BC
1
Dec 2022
 
BOMA Victoria Chapter | Christmas Luncheon
11:30 AM - 2:00 PM PST - Marriot Victoria Inner Harbour, Victoria BC
2
Dec 2022
 
BOMA Christmas Luncheon : Under the Stars (Waitlist)
11:00 AM - 2:00 PM PST - Hotel Vancouver, Vancouver BC
2
Dec 2022
 
BOMA Christmas Luncheon: Prize Tickets
Purchase your tickets in advance and skip the long lineups!
16
Jan 2023
 
February Luncheon
11:30 AM - 1:30 PM PST - Fairmont Waterfront Hotel, Vancouver BC
3
Mar 2023
 
BOMA Ski Day
7:30 AM - 9:30 PM PST - Whistler BC
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National News
Source: renx.ca
 
Seven of the 11 major Canadian cities surveyed by Altus Group have a commercial tax rate more than double the residential tax rate.
Source: GreenCTV News

Finance Minister Chrystia Freeland’s fall economic update creates two new federal tax credits for clean technology and low-emitting hydrogen production.
Around the Industry
Source: sustainablebiz.ca
 
Jamie Keech, co-founder and executive chairman of Vancouver-based carbon credit investor Vida Carbon, defends the carbon credit industry as a necessity to reach global net-zero and says there are ways to ensure an investment is in good hands.
Source: retail-insider.com
 
Retail leasing in Vancouver continues to be robust with vacancies continuing to trend downwards and the expectations for the second half of 2022 continue to stay strong.
Source: CommercialRetail Insider
 
Ontario-based Darwynn, which is building an end-to-end fulfillment ecosystem, is taking possession of its new 12,000-square-foot facility in Greater Vancouver on Nov. 1, further expanding the company’s offering into Western Canada.
Source: CommercialBCBusiness

Hotel rooms are a variable luxury people have shown they can live without during an economic or worldwide health crisis. That makes hotels one of the toughest projects for any builder to take on, especially in a region like Vancouver.