The Vancouver Business Thread

[Changing City]

Originally Posted by jollyburger

I wonder who owns Harbour Centre.

First two words of the release - Polaris Realty. They also own 999 W Hastings, but most holdings are in Toronto and Montreal.

[jollyburger]

Originally Posted by Changing City

First two words of the release - Polaris Realty. They also own 999 W Hastings, but most holdings are in Toronto and Montreal.

One article said they were just managers of the property. Some older documents mentioned Lord Realty Holdings Limited and Privest Properties Ltd. in regards to Harbour Centre

Polaris Immobilier is the exclusive property and development
manager for The Lord Realty Group which owns buildings
of stature in Montreal [1], the Greater Toronto Area, with its
main focus in Mississauga [2], and Vancouver [3].

http://www.polarisrealty.com/asset/uploa...brochure/3__en__1253_mcgill_brochure.pdf

Seems like they might have some European connection. Privest is headquartered in Jersey as well. 1982 Canadian Foreign Investment review document had Lord Realty in West Germany

https://publications.gc.ca/collections/collection_2022/isde-ised/id52/Id52-4-1982-2-eng.pdf

[Changing City]

Originally Posted by jollyburger

One article said they were just managers of the property. Some older documents mentioned Lord Realty Holdings Limited and Privest Properties Ltd. in regards to Harbour Centre

http://www.polarisrealty.com/asset/uploa...brochure/3__en__1253_mcgill_brochure.pdf

Seems like they might have some European connection. Privest is headquartered in Jersey as well. 1982 Canadian Foreign Investment review document had Lord Realty in West Germany

https://publications.gc.ca/collections/collection_2022/isde-ised/id52/Id52-4-1982-2-eng.pdf

.

You're right - there are some pieces that say they own the property, (even back to 2004) and others that say they manage it. Their website certainly implies ownership. Perhaps it's because ten years ago, when they were looking for a General Manager for the western region they noted that "Polaris Realty (Canada) Ltd. is the exclusive management arm for a privately owned real estate company." Lord Realty Holdings was the named owner in 1996 and they have Mississauga and Montreal addresses that match Polaris, and their website is Polaris Realty, so they appear to be basically the same entity. Privest certainly had some sort of interest in 1991 when they were party to a lawsuit over the use of an asbestos bearing fire safety product. They were indeed in Jersey - that well-known tax haven. They still had an interest in 2004; Helma Heating Claimed an $88,121.80 builder's lien for materials supplied and installed - Defendants: Harbour Centre Complex Ltd., 1000-555 W. Hastings, Vancouver; and Lord Realty Holdings Ltd., co 800-885 W. Georgia, Vancouver; and Privest Properties Ltd., 1400-700 W. Georgia, Vancouver.

I'm not sure whether the 1982 Lord Realty is the same company - they were planning to operate a chain of specialty coffee and bake shops.

[SpongeG]

a made in Aldergrove electric truck

• Video Link

[SpongeG]

Darwynn to Open Massive Fulfillment Centre Near Vancouver Amid Expansion [Interview]
By
Mario Toneguzzi
October 18, 2022

Ontario-based Darwynn, which is building an end-to-end fulfillment ecosystem, is taking possession of its new facility in BC on November 1, further expanding the company’s offering into Western Canada.


The 112,000-square-foot facility will utilize Darwynn’s fulfillment platform including automated guided vehicles (AGVs), automated storage & retrieval systems (ASRS), and a software solution that provides visibility and insights to retailers.

The company has also appointed an Advisory Board, comprised of eight industry leaders, to help its future growth.

...

https://retail-insider.com/retail-inside...near-vancouver-amid-expansion-interview/

[jollyburger]

Originally Posted by SpongeG

Darwynn to Open Massive Fulfillment Centre Near Vancouver Amid Expansion [Interview]
By
Mario Toneguzzi
October 18, 2022

Ontario-based Darwynn, which is building an end-to-end fulfillment ecosystem, is taking possession of its new facility in BC on November 1, further expanding the company’s offering into Western Canada.


The 112,000-square-foot facility will utilize Darwynn’s fulfillment platform including automated guided vehicles (AGVs), automated storage & retrieval systems (ASRS), and a software solution that provides visibility and insights to retailers.

The company has also appointed an Advisory Board, comprised of eight industry leaders, to help its future growth.

...

https://retail-insider.com/retail-inside...near-vancouver-amid-expansion-interview/

Beedie's warehouse in Campbell Heights

The company has other distribution centres in Toronto and in Calgary and it plans to be able to hire around 100 full-time workers and start operating at 19225 32nd Avenue in Surrey by early 2023.

https://biv.com/article/2022/10/distributor-darwynn-open-surrey-fulfillment-centre

[FarmerHaight]

Vancouver has recorded the most tech job growth in North America

What's especially impressive is not only did Vancouver tech jobs grow by 44% from 2020 to 2021 - Toronto and Austin saw growth of 37% and 25% respectively; no other city saw growth exceeding 18% - but Vancouver added 28k jobs which is fewer than only Toronto (60k new jobs) and Seattle (38k new jobs), cities with much larger populations and tech scenes.

As we've heard in other threads, percentage growth can be overblown because sometimes the baseline is miniscule even a small amount of growth looks huge. But these numbers seem to indicate that Vancouver has seen some very meaningful growth, and according to the article almost half of the new jobs are in-office which is good for the downtown and transit networks.

[jollyburger]

Being next to Seattle is a benefit you would assume.

[CanSpice]

Originally Posted by jollyburger

Being next to Seattle is a benefit you would assume.

Yeah, same time zone as Seattle and the Bay Area helps, especially as everybody's used to doing meetings over Zoom now.

[svlt]

Also being in a different country and paying the employees in a different currency helps a lot too. Big tech can recruit from both US and Canadian markets all along the west coast.

[whatnext]

Not sure where this best fits so I'll put it here. Some interesting stats on how footfall has dropped in cities like Vancouver and Toronto since Covid and will it ever recover:

Cities’ downtown cores are hollowing out, but small towns and suburbs tell a different story
VANMALA SUBRAMANIAM FUTURE OF WORK REPORTER
PUBLISHED 15 HOURS AGO

The downtowns of most major Canadian cities are still facing a substantial dip in foot traffic compared with prepandemic norms – but the opposite is true of smaller towns and suburbs within commutable distance of those cities, a new study shows.

The results of the study, released by the Canadian Chamber of Commerce’s Business Data Lab, suggest that almost three years into the pandemic, a new economic pattern is emerging in metropolitan areas across the country – a hollowing out of the central hubs of big cities largely because of hybrid work, and growth in foot traffic in the outlying spokes of those cities.

“Canada’s biggest cities are significantly behind in terms of workers returning to the office. But we found that there’s been a substantial increase in activity in the downtown cores of towns within a commutable distance of these cities,” said Stephen Tapp, chief economist at the chamber....

....Worker foot traffic in downtown Toronto was 46 per cent lower in September, 2022 – when most large white-collar workplaces began mandating return-to-office policies – compared with January, 2020. In Ottawa, it was 45 per cent lower over that same time frame. Vancouver experienced a 48-per-cent decline compared with prepandemic times, while Calgary saw a 42-per-cent decrease.

....Meanwhile, the Ontario cities of Brampton, Barrie and Brantford – all within a two-hour commute from Toronto – saw a surge in foot traffic of roughly 30 per cent between January, 2020, and September, 2022. Smaller cities in proximity to Montreal and Quebec City, such as Trois-Rivières and Sherbrooke, also saw a substantial increase in pedestrian traffic over the course of the pandemic.

Over all, 14 of 55 downtowns experienced more foot traffic over the period and most of those downtowns were in small cities....

https://www.theglobeandmail.com/business/article-canadian-suburbs-cities-foot-traffic/

[Changing City]

Originally Posted by whatnext

Not sure where this best fits so I'll put it here. Some interesting stats on how footfall has dropped in cities like Vancouver and Toronto since Covid and will it ever recover:

Looking at the report, there are some issues with the methodology that make the conclusions suspect. It doesn't look at footfall - it looks at the number of people whose cell phone ping crosses the boundary of the area being looked at. For both Vancouver and Toronto (with significant downtown residential population) it therefore won't pick up all the residents who live and work within the defined Downtown area (which includes the West End and some of the DTES). So (assuming the method works accurately) while there are 48% fewer people crossing into Downtown from outside from anywhere else, it doesn't mean there are 48% fewer people on the streets or working Downtown.

The results are odd for the suburbs too. Burnaby had 63% fewer people crossing into the core. Chilliwack was 61% up! Does that mean that a majority of the people living in Chilliwack and 'working from home' are actually driving downtown to buy a Timmies box of donuts?

[Feathered Friend]

DVBIA CEO Nolan Marshall III leaves job and city
Marshall arrived in Vancouver in mid-2021 to replace retiring CEO Charles Gauthier
By Glen Korstrom | November 22, 2022, 5:18pm

"If I’d been told I’d only get to spend 18 months working in this incredible place, I’m not sure I’d choose any differently," he wrote on Twitter. "Not sure if we could have accomplished more as a team, I only wish I would have unpacked less stuff. On to the next great city and challenge."

Marshall later texted BIV to say that it would be "incorrect" to say that leaving is not his preference. He would not give reasons for his move on the record.

He then posted on LinkedIn that he planned to move to Los Angeles.

The DVBIA's vice-president and COO Jane Talbot has been appointed interim CEO while the board of directors begins its search for a permanent replacement, according to the DVBIA's statement.

https://biv.com/article/2022/11/dvbia-ceo-nolan-marshall-iii-leaves-job-and-city

[C3YVR]

It is funny Changing City seems to be doing a regular Daily Hive trick and not sourcing his info from yesterday's BIV article on WFH. Then Feathered Friend does link another BIV story about Marshall leaving.

"Downtown Van, formerly the Downtown Vancouver Business Improvement Association, has also used cellphone data to measure downtown activity. President and CEO Nolan Marshall III said this type of data can have significant limitations when comparing American and Canadian cities, owing to the latter’s stricter privacy laws.

“My experience talking to colleagues, my experience visiting other places, just runs completely counter to where I think that report ultimately had Vancouver ranked,” he told BIV in August.

Marshall said problems also arise depending on how one defines a visitor when using cellphone data to judge how active an area is.

Vancouver’s downtown peninsula is one of the most densely populated areas in Canada and the U.S.

“If you draw your data collection map across the entire downtown, you're not identifying people who live within the area as a visitor,” Marshall said, “which is why we only do our cellphone data collection around our retail districts, and specifically so we can track how many people are going into those retail districts since they don't have as many residents as the rest of downtown.”

https://biv.com/article/2022/11/tech-firms-embrace-wfh-leaves-downtown-vancouver-state-flux

[Changing City]

Originally Posted by C3YVR

It is funny Changing City seems to be doing a regular Daily Hive trick and not sourcing his info from yesterday's BIV article on WFH. Then Feathered Friend does link another BIV story about Marshall leaving.

"Downtown Van, formerly the Downtown Vancouver Business Improvement Association, has also used cellphone data to measure downtown activity. President and CEO Nolan Marshall III said this type of data can have significant limitations when comparing American and Canadian cities, owing to the latter’s stricter privacy laws.

“My experience talking to colleagues, my experience visiting other places, just runs completely counter to where I think that report ultimately had Vancouver ranked,” he told BIV in August.

Marshall said problems also arise depending on how one defines a visitor when using cellphone data to judge how active an area is.

Vancouver’s downtown peninsula is one of the most densely populated areas in Canada and the U.S.

“If you draw your data collection map across the entire downtown, you're not identifying people who live within the area as a visitor,” Marshall said, “which is why we only do our cellphone data collection around our retail districts, and specifically so we can track how many people are going into those retail districts since they don't have as many residents as the rest of downtown.”

https://biv.com/article/2022/11/tech-firms-embrace-wfh-leaves-downtown-vancouver-state-flux

I didn't read the BIV piece; when whatnext referenced the report, I downloaded it and read the methodology. I also gave the data for Burnaby and Chilliwack. I don't think BIV mentioned those? (Good to see my conclusions matched theirs).

[WarrenC12]

With respect to downtown foot traffic, I'm always surprised to see those numbers like 40% down. I feel like a difference of that level would be very noticeable.

Yet my personal experience is the opposite. 2019 feels like a long time ago, but Downtown feels just as busy as it ever was pre-COVID. Restaurants and stores are busy, streets are busier than ever with pedestrians IMO. Which makes sense as we keep densifying and people fill any new building that opens.

[GenWhy?]

Originally Posted by WarrenC12

With respect to downtown foot traffic, I'm always surprised to see those numbers like 40% down. I feel like a difference of that level would be very noticeable.

Yet my personal experience is the opposite. 2019 feels like a long time ago, but Downtown feels just as busy as it ever was pre-COVID. Restaurants and stores are busy, streets are busier than ever with pedestrians IMO. Which makes sense as we keep densifying and people fill any new building that opens.

I admit 2019 was a decent time in the past, but honestly being downtown every day it feels just like pre-COVID. Maybe it's a weekend thing that numbers are down?

I think transit usage numbers would be the best indicator, but what I see is system-wide, not downtown Vancouver specific. I think we're doing 2x as well as 2021, so far. 2022 numbers are going to be very different (skewed low due to the last COVID scare in winter). I just see June 2022 as their most recent numbers so far. Think 2022 will close with 2015 numbers, so pre-Evergreen.

[whatnext]

Originally Posted by Changing City

Looking at the report, there are some issues with the methodology that make the conclusions suspect. It doesn't look at footfall - it looks at the number of people whose cell phone ping crosses the boundary of the area being looked at. For both Vancouver and Toronto (with significant downtown residential population) it therefore won't pick up all the residents who live and work within the defined Downtown area (which includes the West End and some of the DTES). So (assuming the method works accurately) while there are 48% fewer people crossing into Downtown from outside from anywhere else, it doesn't mean there are 48% fewer people on the streets or working Downtown.

The results are odd for the suburbs too. Burnaby had 63% fewer people crossing into the core. Chilliwack was 61% up! Does that mean that a majority of the people living in Chilliwack and 'working from home' are actually driving downtown to buy a Timmies box of donuts?

If only downtown dwellers return to work that would still leave a big decline in those coming from outside to work (and spend). it stands to reason those living downtown in smaller spaces would want to go back to the office if they're sharing accomodation.

[whatnext]

Originally Posted by GenWhy?

I admit 2019 was a decent time in the past, but honestly being downtown every day it feels just like pre-COVID. Maybe it's a weekend thing that numbers are down?

I think transit usage numbers would be the best indicator, but what I see is system-wide, not downtown Vancouver specific. I think we're doing 2x as well as 2021, so far. 2022 numbers are going to be very different (skewed low due to the last COVID scare in winter). I just see June 2022 as their most recent numbers so far. Think 2022 will close with 2015 numbers, so pre-Evergreen.

Like you it seems as busy to me but the make-up seems changed. I definitely notice more international students in groups than before as opposed to what you'd call office workers.

[GenWhy?]

More napkin math: I think we're on track for an extra 70+ million boardings up from 2020(218m) & 2021 (223m) numbers. I swear we'll at least hit just under 300m for 2022

2019 was 451m

EDIT: Also note that Metro Core in Vancouver has low transit numbers for commuters but obviously a high concentration and number of residents, and high % walk to work (pre-COVID). So even transit numbers on the rise leave them out