The Vancouver Business Thread

[GenWhy?]

There are plenty of opportunities to allow the market do what it does for this by-law change south of 16th and East of Commercial. Even if the old "historic" locations are revamped from housing back to stores we'd be better off.

Really depends on where you are in the city and your mode of transportation.

[Sheba]

Originally Posted by whatnext

Princess, Holland America and Carnival have all cancelled their 2020 Alaska cruise season, but there is some hope other lines might operate a reduced season:

COVID-19: Still hope for Vancouver’s cruise ship season but some lines have cancelled for 2020

COVID-19 ban on cruise ships in Canadian waters extended to 2022

The federal government says a ban on cruise ships in Canadian waters will stay in place for one more year.

The ban until Feb. 28, 2022 applies to cruise ships carrying more than 100 people as well as pleasure crafts operating in the Arctic, except for those used by residents in the region.

The ban was originally put in place last year was to expire at the end of February.

A news release from Transport Minister Omar Alghabra says the ban in necessary to reduce the spread of COVID-19 and protect vulnerable communities.

He also says it will allow public health authorities to focus on pressing issues, like the COVID-19 vaccine rollout and new variants of the virus.

The release also urges Canadians to avoid travel on cruise ships elsewhere.

[supercanuck]

Originally Posted by Sheba

COVID-19 ban on cruise ships in Canadian waters extended to 2022

Not unexpected, but really devastating for the industry. Will take many years before cruising gets back to pre-COVID levels.

I wonder how these companies are able to survive? Must not be cheap to even keep these behemoths docked somewhere and maintained.

[scryer]

Originally Posted by supercanuck

Not unexpected, but really devastating for the industry. Will take many years before cruising gets back to pre-COVID levels.

I wonder how these companies are able to survive? Must not be cheap to even keep these behemoths docked somewhere and maintained.

To speculate: a lot of the larger cruise lines are selling their older ships trying to achieve a leaner fleet. But in the same breath some of them also have new ships already under construction like Carnival cruise lines .

I imagine that the sales of the smaller ships is significant enough to help keep the entire corporation afloat for a little while.

These ships also only really require an engineering, navigational (bridge officers), culinary, and cleaning crew to physically move and babysit the vessels so they don't have the bulk of their employees on board (which is the Hotel department). And because all crew members are hired on a contract basis, the cruise lines can assign however many people are necessary to keep the ship in operation. Basically they don't need a fully staffed ship, and without a hotel/entertainment department onboard, it probably offsets their port fee expenses to a certain degree.

The other expense would be the port fees but all that their head offices would have to do is find a port that has cheaper fees and then to just park there until the pandemic blows over. Again, in the same breath, it may be better to keep them close to their target demographic's country (like the USA) so that they can get a cruise season started without needing to relocate a ship .

I agree that it's completely devastating for the industry and for the ports around the world that rely on this kind of tourist traffic for their economy. But the cruise industry has made some major vessel sales this last year. I do they think that it's likely for the cruise industry to go belly up the longer this pandemic goes on - assuming that we aren't ravaged by a new strain of the virus in 2022.

[officedweller]

Ships are being scrapped:
https://www.cruiseindustrynews.com/cruis...ern-cruise-ships-scrapped-in-turkey.html
https://www.google.ca/url?sa=t&source=we...BAgJEAE&usg=AOvVaw1uER3hpdpogROZVqkR4SiL

[whatnext]

Bell abruptly shuttered is all sports station, including TSN 1040 in Vancouver. Apparently done mid-show (after Bell collected over $100 million in CEWS):

Telecom conglomerate BCE Inc.‘s Bell Media division - one of the largest media operators in Canada - has shuttered a number of its TSN sports radio stations across the country - including TSN 1040 (CKST) in Vancouver.

The move was announced at 9:30 a.m. this morning after programming was abruptly shut off at 9 a.m. In a recorded message, Bell officials thanked its listeners but attributed the move to a “changing landscape” in Canadian broadcasting....

https://biv.com/article/2021/02/bell-med...orts-radio-stations-including-vancouvers

[WestCoastEcho]

Originally Posted by whatnext

Bell abruptly shuttered is all sports station, including TSN 1040 in Vancouver. Apparently done mid-show (after Bell collected over $100 million in CEWS):

Telecom conglomerate BCE Inc.‘s Bell Media division - one of the largest media operators in Canada - has shuttered a number of its TSN sports radio stations across the country - including TSN 1040 (CKST) in Vancouver.

The move was announced at 9:30 a.m. this morning after programming was abruptly shut off at 9 a.m. In a recorded message, Bell officials thanked its listeners but attributed the move to a “changing landscape” in Canadian broadcasting....

https://biv.com/article/2021/02/bell-med...orts-radio-stations-including-vancouvers

Not surprised. When 1040 lost the rights to broadcast Canucks games, that took a lot of their listeners off their station.

And with COVID resulting in no BC Lions and the Whitecaps being such a small fan base, the writing was on the wall for them.

[SFUVancouver]

Wow, that's pretty darn crappy of them to cut the feed/shut it down mid-show. I would have thought it would be more of a case of cease-broadcasting-at-midnight situation. Bottom line, while personally sports radio is of no interest, it is important to a lot of people and I feel a lot of sympathy for their loss. I feel bad, too, for the on-air personalities. I can't imagine that there are a lot of readily available options for them to continue their on-air careers.

[SpongeG]

they are turning it into a comedy format, I used to listen to some of the many comedy channels on SiriusXM. Could be interesting.

-------------

Closing up shop: Vancouver's Chinatown battered by effects of crime, COVID-19, and uncleanliness

The retail vacancy rate in Chinatown has risen to more than 17 per cent during the pandemic
Joel Ballard · CBC News · Posted: Feb 10, 2021

In its heyday, Vancouver's Chinatown was a bustling community.

It was a swirl of culture, commerce and community as the Chinese bakeries, fresh produce markets and butcher shops were alive with customers.

But today, the streets are mostly empty. There are almost as many wooden boards covering windows as there are neon "open" signs. Vandalism and filth have become part of the landscape.

There's a retail vacancy rate of more than 17 per cent in Chinatown, and while the pandemic has exacerbated the situation, those who live and work in the once vibrant community say it has been deteriorating for years.

...

There used to be six gift shops in Chinatown. But since COVID-19 became part of the daily vernacular, only two remain, both owned by Chen, who doesn't know how much longer she'll be able to keep the doors open.

It's been months since she's been able to pay rent and she says she now faces possible eviction.

...

https://www.cbc.ca/news/canada/british-c...natown-vacancy-crime-vandalism-1.5907997

[WestCoastEcho]

Originally Posted by SFUVancouver

Wow, that's pretty darn crappy of them to cut the feed/shut it down mid-show. I would have thought it would be more of a case of cease-broadcasting-at-midnight situation. Bottom line, while personally sports radio is of no interest, it is important to a lot of people and I feel a lot of sympathy for their loss. I feel bad, too, for the on-air personalities. I can't imagine that there are a lot of readily available options for them to continue their on-air careers.

I've heard on Twitter that all of their on-air personalities have been released by Bell from their non-compete clauses, so they are free to pursue other opportunities.

[LeftCoaster]

Was surprised to see Ballard venturing into Marine propulsion, however it does make sense.

What surprised me even more was learning that they were not just still alive and kicking, but sporting a 10.5 billion USD market cap! Wild!

https://dailyhive.com/vancouver/ballard-power-global-energy-ventures-c-h2-ship

[memememe76]

https://www.ctvnews.ca/entertainment/net...relationship-with-its-creators-1.5304486

Netflix plans to open an office in Canada in what the streaming giant calls "a big first step" toward content creation in this country.

Netflix co-CEO and chief content officer Ted Sarandos says the

California-based company is still figuring out the office location.
Related Stories

But they're thinking of Toronto and Vancouver, since the company has so much production happening in both markets.

[Denscity]

Originally Posted by WestCoastEcho

Not surprised. When 1040 lost the rights to broadcast Canucks games, that took a lot of their listeners off their station.

And with COVID resulting in no BC Lions and the Whitecaps being such a small fan base, the writing was on the wall for them.

I heard 1040 still had higher ratings than Sportsnet in Vancouver.

[Denscity]

Originally Posted by LeftCoaster

Was surprised to see Ballard venturing into Marine propulsion, however it does make sense.

What surprised me even more was learning that they were not just still alive and kicking, but sporting a 10.5 billion USD market cap! Wild!

https://dailyhive.com/vancouver/ballard-power-global-energy-ventures-c-h2-ship

Wow really?? Very surprising and awesome!

[officedweller]

Originally Posted by LeftCoaster

Was surprised to see Ballard venturing into Marine propulsion, however it does make sense.

What surprised me even more was learning that they were not just still alive and kicking, but sporting a 10.5 billion USD market cap! Wild!

https://dailyhive.com/vancouver/ballard-power-global-energy-ventures-c-h2-ship

Like other clean tech companies cashing in on the Biden-led frenzy, Ballard is raising $550M in a stock offering:

https://www.ballard.com/about-ballard/ne...es-bought-deal-offering-of-common-shares

[jollyburger]

Originally Posted by LeftCoaster

Was surprised to see Ballard venturing into Marine propulsion, however it does make sense.

What surprised me even more was learning that they were not just still alive and kicking, but sporting a 10.5 billion USD market cap! Wild!

https://dailyhive.com/vancouver/ballard-power-global-energy-ventures-c-h2-ship

52 Week Range 6.95 - 42.28

That's wild.

[officedweller]

Originally Posted by jollyburger

52 Week Range 6.95 - 42.28

That's wild.

Same as any other clean tech stock - it's a bubble like the tech boom of the 1990s.

[s211]

Originally Posted by memememe76

https://www.ctvnews.ca/entertainment/net...relationship-with-its-creators-1.5304486

I think this is partly a scheme to head off threats of a "Netflix tax".

[WarrenC12]

Originally Posted by s211

I think this is partly a scheme to head off threats of a "Netflix tax".

Actually wouldn't that subject them to GST/PST? Which they should have had all along of course.

[jollyburger]

Seems more on topic in here than General Vancouver.

With $25 million in federal backing secured in February, Precision Nanosystems Inc. (PNI) has ramped up plans to open a facility capable of producing 240 million vaccine doses annually by 2023.

Last fall, Ottawa earmarked funds for the company to pursue its own COVID-19 vaccine, which is expected to enter phase 1 of clinical trials this coming summer.

But it has been a challenge finding the right location, despite more than one million square feet of office space sitting vacant across Metro Vancouver.

“There is a crunch of life science space in the Metro Vancouver area, absolutely. And for companies like ours that are growing as fast as we are, it’s a challenge that we need to deal with,” said James Taylor, PNI’s CEO.

PNI’s real estate challenge is all-too-common for B.C. life sciences companies, according to CBRE Group Inc. executive vice-president Kevin Nelson.

After the credit crisis put a squeeze on venture capital available to local biotech firms more than a decade ago, much of the region’s lab space dedicated to those companies was converted into conventional office space.

“Venture capital money has come back to the biotech sector in a very big way over the last 18 months and more particularly in the last year,” said Nelson, a member of the real estate services firm’s High Technology Facilities Group.

But the lab space hasn’t returned as swiftly for B.C.’s life sciences sector, and conventional office space cannot be used by the industry without significant retrofits.

“Demands biotech puts on a building is like an office-user on steroids,” said Nelson. “It requires additional air exchange and mechanical systems to support that. It generally requires a little bit more power than a classic office-user. It requires drainage in places that office-users never classically would need.”

He said these factors have created a 50 per cent premium on rents for biotech spaces in Vancouver amid surging demand.

A June 2020 government report – prepared prior to the pandemic – reveals B.C.’s life sciences sector recorded nearly $5.4 billion in revenue in 2018.

That’s up 5.6 per cent from 2017.

Industry employment grew 5.6 per cent between 2017 and 2018, while the number of businesses grew 4.7 per cent during that same period.

But Nelson and others in the industry fear that life sciences could lose local companies if there’s not enough dedicated space to meet their needs.

“I’m working with a client in Vancouver who’s going to do what they can do in Vancouver, and then going to do the rest of Toronto,” he said.

Wendy Hurlburt, CEO and president of the LifeSciences BC industry association, said the province faces “critical shortages” of lab space amid the recent biotech boom that’s delivered blockbuster initial public offerings for Zymeworks Inc. and AbCellera Biologics Inc.

“We have companies – very early-stage companies – that cannot find any space and are looking at leaving British Columbia,” she said. “It’s not a new problem, but it has absolutely been exacerbated by the exponential growth that has been happening in the life sciences sector.”

Gordon McCauley, CEO of adMare BioInnovations Inc., a non-profit organization in Vancouver that helps commercialize academic research, said large companies can bear the costs of retrofitting space if need be.

“It’s the emerging companies that need somewhere to prove their science and prove the commercial value of what they’re doing. And they obviously can’t afford to either retrofit the space on their own or to convince landlords that they alone would be worth retrofitting for,” said McCauley, whose organization provides space to those early-stage life sciences firms.

“Whereas, if we were able to pull together the broader demand and ecosystem and build one larger facility, that can help solve the problem.”

Such an endeavour has become a reality in Montreal, where adMare embarked on a 50,000-square-foot expansion plan for its Quebec facility back in 2019.

“It’s already 80 per cent full,” McCauley said of the $50 million project that is backed by public funds.

https://www.westerninvestor.com/news/bri...-for-space-in-metro-vancouver-1.24279290