May 12, 2023
Association News
Victoria Tour:

Join BOMA BC's Victoria Chapter for an informative building tour of the Food Security Distribution Centre at the Mustard Seed, followed by a casual mixer next door at Driftwood Brewery.
Tuesday, May 16th, 2023. 12:45 PM - 3:30 PM PDT
Vancouver Tour:

Join us on a tour of two iconic Vancouver buildings: Oxford Properties The Stack, Canada's first new Net Zero high-rise office building, and GWL Realty Advisors' Vancouver Centre II (VCII), the LEED Platinum, WELL Gold and WiredScore Gold AAA Office Tower. Following the tour, a networking reception will be held at the luxurious Skyview Lounge on the 29th Floor of VCII.

Wednesday, May 24th, 2023, 2 PM - 6 PM PDT

View event page and register >
What happened last quarter in Vancouver, and what are the market watchers saying? Find out in our latest quarterly major market office report!
Thursday, June 15th, 2023, 11:30 AM - 1:30 PM PDT
Fairmont Waterfront Hotel, Mackenzie Ballroom
900 Canada Place Way, Vancouver BC
Our 2022 Annual Report is out, and we'd love for you to give it a read! It's a great way to be informed of the Association's progress in the past year. This includes new initiatives, events and advocacy efforts, that you make possible by being a member.
Thursday, July 13th, 2023, 1:30 PM - 6 PM PDT
Boarding & embarking at Westin Bayshore Marina
1601 Bayshore Drive, Vancouver BC
We had several new members join the Association in April. Please join us in welcoming them to BOMA BC!
Regulatory News
Source: Vancouver Sun

New city councilor Ruby Campbell is proposing the Lower Mainland Local Government Association urge the provincial government to allow municipalities to tax vacant properties.
Government Affairs
In 2021, the Province launched a Clean Buildings Tax Credit – a 5% refundable income tax credit for retrofits that improve a buildings energy efficiency.
To certify your retrofit and claim the 5% tax credit, you need to submit the required documentation.
The Province has recently announced that the online forms to certify your retrofit for the clean buildings tax credit are now available online.
Visit the Clean Buildings Tax Credit Website to learn more.
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Events & Education
May is the perfect month for preventive maintenance to keep your building safe and running efficiently. In this article, learn the importance of removing debris, clearing drains, and assessing waterproofing to avoid costly issues!
BC Housing in collaboration with British Columbia Building Envelope Council is offering a half-day workshop on at The Italian Cultural Centre, Vancouver entitled Building Smart: The Evolution of Mechanical Solutions for Net Zero Envelopes. The workshop will focus on mechanical and building envelope solutions for new and existing Part 3 buildings. The event will also include a Trade Show.
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Good to Know
What is it? TIPs is a dedicated stream for office tenants in eligible commercial buildings to receive an expedited building permit for minor interior renovations.
How does it work? Tenants in eligible buildings do not need a new development permit and will receive an expedited field review.
Who is eligible? Any commercial office building constructed with a building permit applied for after January 31, 2007 is automatically included on the TIPs list. 
Visit the new Tenant Improvement Prorgram landing page here.
Source: Real Estate News Exchange 

There are conflicting ideas about the long-term effects of remote work on office occupancy, but the Central Business Districts will likely survive the evolving landscape. 

Dear Members,
We have received reports of spam messages circulating, claiming to be from BOMA BC and offering inside company details. Please be aware that these messages are not legitimate, and official messages from BOMA will only come from an email address ending with (local) or (national).
If you happen to receive any unsolicited emails claiming to represent BOMA BC, we advise that you exercise caution and avoid engaging with the message. At BOMA BC, we take the security of our members' information very seriously, and we appreciate your cooperation in helping us maintain a secure community.
Thank you!

Source: Daily Commercial News 

A U.S. homebuilder is using 3D concrete printers to build a 100-home community north of Austin, Texas, the first fully printed community using elevated architectural and energy-efficient designs. 
Source: Daily Commercial News 

Despite a rise in leasing activity, the office vacancy rate for urban areas across Canada increased to a 30-year-high of 16.4% in the first quarter of 2023. 
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Event Calendar
May 2023
BOMA Victoria Chapter: Building Tour & Brews
12:45 PM - 3:30 PM PDT | Mustard Seed, 102 - 808 Viewfield Road + Driftwood Brewery 836 Viewfield Road :: Victoria, BC
May 2023
Building Tour: The Stack & Vancouver Centre II
2 PM - 6 PM PDT | The Stack - 1133 Melville Street + Vancouver Centre II - 733 Seymour Street :: Vancouver, BC
May 2023
ESG Reporting & Disclosure
11:30 AM - 1 PM PST | 200 Granville Street, Main floor meeting room Or Zoom :: Vancouver, BC
Jun 2023
QBT Session: Maximizing Your Generator
11:30 AM - 1 PM PDT, 1035 West Pender Street, Pender Meeting Room, Vancouver, BC + Zoom
Jun 2023
District Energy Systems
11:30 AM - 1 PM PST | 1035 West Pender Street, Pender Meeting Room or Zoom :: Vancouver, BC
Jun 2023
BOMA June Luncheon
11:30 AM - 1:30 PM PDT | Fairmont Waterfront Hotel, 900 Canada Place Way; Mackenzie Ballroom :: Vancouver, BC
Jun 2023
BOMA BC Victoria Chapter Golf Tournament
10 AM - 3 PM PST | Metchosin Golf & Country Club, 4100 Metchosin Road :: Victoria, BC
Jul 2023
BOMA Boat Cruise
1:30 PM - 6 PM PDT | Boarding & embarking at Westin Bayshore Marina, 1601 Bayshore Drive :: Vancouver, BC
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National News
Source: REMI Network/Canadian Property Management

The industrial real estate markets for Toronto, Vancouver and Calgary all have lower vacancy rates than the national average in the United States.
Around the Industry
Source: Daily Hive Urbanized 

The Metro Vancouver Regional District is evaluating the costs of infrastructure and services to ensure the population is properly served by utilities and businesses. 
Source: Real Estate News Exchange 

A CBRE report indicates that cap rates have increased for suburban and class-B products, but rates for institutional property lag.
Source: Financial Post

Real estate investment trusts for office assets are not adjusting to reflect the reality of the commercial real estate market, and the REITs might see their value cut in half.