CITY OF PITT MEADOWS

COUNCIL IN COMMITTEE REPORT To: Chief Administrative Officer File No: 6650-01

From: Deputy CAO & Director of Bylaw/Policy No: N/A Operations and Development Services Date: February 5, 2013 Subject: National Association of Industrial and Office Properties (NAIOP) Office Development Cost Survey Results 2012

RECOMMENDATIONS:

THAT Council:

A. Receive into the record the report dated February 5, 2013 from the Deputy CAO and Director of Operations and Development Services; OR

B. Other.

CHIEF ADMINISTRATIVE OFFICER’S COMMENTS:

PURPOSE:

To provide Council with a summary of the results of the 2012 National Association of Industrial and Office Properties (NAIOP) survey ( Chapter).

BACKGROUND:

Each year NAIOP conducts either an Office or an Industrial Development Scenario survey to determine development costs and approval times for development applications, and invites and Fraser Valley municipalities to participate. NAIOP then ranks the municipalities according to the results of the survey, and publishes the information on their website and in a printed circular. This information is available to municipalities, developers, and to the general public. #109938v1 -

NATOP2012 6650-01 2

In 2012, the survey was based on an Office Development Scenario. Municipalities were provided with a development application proposal for a two storey 50,000 square foot Class B office building that included rezoning, subdivision, development permit and building permit requirements.

DISCUSSION:

In this scenario, out of the twenty municipalities surveyed, the City of Pitt Meadows ranks fourth lowest in municipal development fees, as illustrated in the table below. This is the same ranking as the 2010 NAIOP survey results.

Municipal Development Fees

732,401

67Z275 Richmond _,54’,083 Abbotsfocd —-.—— 467,111

377929 coquillan,

Mission ! —372986 Cityof Noth Vancouver 371375 West Vancouver — 369.636 LanIey (City) !

ToisRip of Langley

DistnctotNof2iVancouve 285,263

277,372 tutae Ridge W 267.000 0elt — 248,707 Chilltwaclf 221,609 New Westnvnster • 204,571 Pitt Meadows PoMoy 174,079 Crtof’MteRoclc 171,124 — 148,228 Bumaby

I I $0 $400,000 $600,000 5200,000

Cost 1$)

The next table identifies the percent change in fees per municipality from the 2010 to the 2012 scenario. According to this table, fees in Pitt Meadows have increased by 5% since the previous survey was completed, from $195,031 in 2010 to $204,571 in 2012. Increases were identified for subdivision fees, servicing agreement fees, sewer hook up fees (estimate only), water hook up fees, development permit fees, and rezoning fees.

#109938v1 NAIOP 2012 6650-01 3

In 2011 Council adopted Development Application Fee Bylaw No. 2482, 2011. The bylaw was based on a comprehensive fee analysis, which reviewed the cost effectiveness of the existing fees at that time in relation to the time required to process development applications, and compared existing and proposed fees to those of other municipalities in the Lower Mainland. Adjustments to the development application fees were intended to more accurately reflect the cost of processing these applications.

In the response to the 2012 survey, staff included an estimate for the actual hook up costs for sewer and water, however, these are fees not charged to the developer by the City. The developer would be required to install and pay for these separately, with a municipal inspection only. In previous years staff did not include this estimate, therefore the increase in engineering fees is likely attributed to this inclusion.

Percentage Change 2010 to 2012

/ 38% ‘flOOcNeI 1% Pdmnd 0%

SLJTTy Tosh aLaney

Coquam

-12% cildNthv3ncouw - 0%

DsIIacfNc%th VaflcC,r -12% P Pa1Coqlt13m ---—- 0Ma4eRid e P Dea cach I ‘ 40% NewW2inster 5% Pit Meds p -15% P Port Moody

City of Vi1r Ro ‘

I I -30% 0% 10% 20% 30% 40% 00% 80% % Change

#109938v1 NAIOP 2012 6650-01 4

NAIOP also compared municipal fee increases to the Consumer Price Index (CPI) from 2001 to 2012. Pitt Meadows’ increase is slightly more than approximately 5 times the CPI rate of 1.79%, however this is comparable to other local municipalities that have experienced higher growth since 2001.

Annual Increase Compared to CPI from 2000 (1.79%)

000% 2JJ0% 4.00% 6.00% 8.00% 10.00% 1200% 14.00% 16.00% 18.00% 20.00% % Increase

Pitt Meadows ranks third in municipal approval times, at 150 days for an application such as the office development scenario proposed. The City shares this ranking with Maple Ridge, Richmond, Port Coquitlam, Burnaby, and Delta. Staff notes that in the printed circular the timing for Maple Ridge is 540 days, however this was due to an error in their survey response whereby it was not clearly identified that the rezoning, subdivision, and development permit applications could be processed concurrently, thereby shortening process time. Attachment A, a printout of the electronic version of the survey results, has been adjusted with the correct 150 day timing.

Overall, in Pitt Meadows, there was no change in the time estimated to process the application from 2010 to 2012, and the City has maintained its third place ranking from 2010.

#109938v1 NAIOP2012 6650-01 5

Municipal Approval Times

City ci White Rock

West Vancouver

244i

210

150

I- Township of L..., 90

I I I I I I 0 50 100 150 200 250 300 350 450

SUMMARYICONCLUSION:

The results of the 2012 survey show that the City is competitively placed within the Lower Mainland for development fees and approval times. While there has been a modest increase in fees, Pitt Meadows’ ranking has remained relatively unchanged in comparision to the other municipalities.

Respecifully submitted,

Anne Berry Subdivision Coordinator

& Director of Operations and Development Services

#109938v1 NMOP 2012 - 6650-01 6

ATTACHMENTS:

A: NAIOP Regional Office Development Cost Survey — Fall 2012

#109938v1 ATTACHMENT A

Promotional supplement VANCOUVER CHAPTER

13th annual Regional Office M ETRO VANCOUVER CHAPTER Development Cost Survey

Fall 2012 2012 Highlights The Vancouver Chapter of the Commercial Real Estate Development NAIOP will be acknowledging the Association (NAIOP) is pleased to present the 2012 edition of their municipalities that have excelled in creating environments positive to business Commercial Development “Report Card” creation. The 3 categories of awards are: Most Improved – The most improvement compared he Vancouver Chapter of to previous survey results 2012 NAIOP VANCOUVER/BIV Most Fiscally Responsible Tthe Commercial Real Estate COMMERCIAL REAL ESTATE AWARDS OF EXCELLENCE – Cost increases kept in line Development Association (NAIOP) VwithANCOUVER overall inflation CHAPTEis pleasedR to present the 2012 edition Most Business Friendly of their Commercial Development – Implementation of policies to support “Report Card” the creation of new job spaces Economic growth continues at The awards will be presented at the a measured pace with the US fall October 18th breakfast meeting elections approaching and the local office market appears to have taken This year’s winners are: a pause in the first half of the year by Most Improved (Joint award) – Port posting roughly 100,000 square feet Moody and the City of Surrey – these of negative absorption with a vacancy cities recorded an overall drop in rate of 7.5%. costs of 18% and 19% from the The pause may be well justified previous survey results in 2010 as the market awaits what is sure Most Fiscally Responsible (Joint to be an active period for the City’s Award) – City of North Vancouver local brokerage and interior design and West Vancouver – these cities community, with the introduction have managed to limit cost increases of a combined 1.0 million square to a rate that is below the average feet of new product scheduled for rateGREATER of inflation since VANCOUVER the survey’s CHAPTER Office Lease winner for 2012: Containers on Terminal Columbia College, 428 Terminal Ave., Vancouver inception in the year 2000 completion in the downtown core by 2014. Suburban markets continue Most Business Friendly – City of to struggle with the five key local Chilliwack – In 2011 City Council submarkets experiencing vacancy rates established an Industrial Revitalization Tax of 10% to over 19%. Exemption program wherein Construction of new industrial buildings with a value of In 2001 when the Office Survey construction in excess of $1 million (or an was started, the vacancy rate was alteration/addition of an existing industrial roughly 9% and in 2002 roughly 1.0 building with the same value), can qualify million in new product was brought to save on industrial property taxes for five into the market. By late 2002, the years with this new industrial incentive. vacancy rate shot up to 14% and it Some Positive was 3 years before it again dipped Highlights to Note: below the 10% mark. We’ll see soon enough if history repeats itself. As • Two municipalities managed to an old Chinese proverb states: May keep their cost increases below the rate of inflation over the 12 we live in interesting times. We hope year period from 2000 to 2012 you find this years survey informative • Four municipalities had no cost increases and we look forward to continuing to Office Development winner for 2012: Broadway Tech Centre Bldg. #4 since the last survey in 2010 and 7 provide this service for many years to municipalities reduced costs from come. 2% to just under 20% during this The Survey, which is distributed time period. This represents the best to 20 communities within the Lower provide its membership and the result in the survey’s 12 year history. Index • Business to Residential Tax ratio’s Mainland, requires each municipality business community as a whole have remained relatively static to identify the costs and processing with a reference tool that quantifies Survey Scenario...... 3 since 2010 with roughly half of times associated with the parameters the costs and processing times Market Beat - Office Report...... 6 the municipalities meeting or of the case study outlined within this associated with typical development Market Highlights...... 7 exceeding the ideal ratio of 3 to 1. article. For 2012, the development projects within Metro Vancouver Municipal Fees...... 8 Some Not-So Positive project was, as per the previous municipal jurisdictions. Moreover, Mill Rates...... 8 Highlights to Note: Surveys, the construction of a 2 storey, we believe the Survey can be utilized Municipal Fees and Approval 50,000 square foot office building by the municipalities, whose active Times...... 9 Processing times appear to be on the on 2.5 acres of land requiring both participation makes this survey Future Trends...... 12 increase with 6 municipalities experiencing subdivision and rezoning. possible, as a gauge for how their Move Towards Green...... 13 increases in approval timing offset In producing this annual own development costs and approval 2012 NAIOP Icon Profile...... 14 by a decrease in one municipality publication, NAIOP strives to processes compare to their neighbours. Comparative Tax Burden...... 15

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M ETRO VANCOUVER CHAPTER

Office Development Scenario

V ANCOUVER CHAPTER his year’s survey was based on an Toffice development scenario, the Lower Mainland/Fraser Valley City of WEST District of construction of a 2 storey 50,000 square NORTH VANCOUVER NORTH VANCOUVER foot Class B office building on 2.5 VANCOUVER acres of land. Municipalities received a Port “development proposal” where rezoning, Moody COQUITLAM BURNABY Port Coquitlam subdivision, development permit VANCOUVER Pitt Meadows Maple Ridge and building permit approvals would New GREATER VANCOUVER CHAPTER be required. They then reported on Westminster development costs and approval times Mission RICHMOND SURREY CHILLIWACK according to their usual standards and DELTA processes. Township of LANGLEY 20 municipalities were sent the City of survey representing a real life situation in LANGLEY ABBOTSFORD a mock development scenario, intending WHITE ROCK CANADA for them to run this request through USA their approval time line and assess overall cost requirements. This level playing field provides All municipalities were provided with have been broken out as separate items meaningful comparison to actual an opportunity to review and comment for comparative purposes but have not building and development permit on the results prior to publication. been included in totals due to regional 20 municipalities requests made by industry, and holds Please note that the Survey results are variation in methods for calculating these were sent the municipalities accountable for delivering based solely on the responses of the items. (See detailed tables on pages 8) on promises to efficiently process municipalities. The Metro Vanacouver survey development opportunities in their water and sewer charges, returnable respective jurisdictions. security deposits, and letters of credit Continued on page 5 Accelerating success.

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This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2012. All rights reserved. This communication is not intended to cause or induce breach of an existing listing agreement. Colliers Macaulay Nicolls Brokerage Inc. (Vancouver). *Personal Real Estate Corporation. PO #11312. 200 Granville Street, 19th Floor, Vancouver, BC, V6C 2R6 | 1 604 681 4111 | www.collierscanada.com Regional Office Development Cost Survey — Fall 2012 5

M ETRO VANCOUVER CHAPTER

Office Development Scenario V ANCOUVER CHAPTER Continued from page 3

Subject Property is currently: GREATER VANCOUVER CHAPTER • Not subdivided • Zoned Residential • 2.5 Acres • Development Proposal • 2 storey 50,000 square foot office building • Interior lot with 295 feet of frontage on This level playing dedicated municipal roadway • Net size of 2.0 acres after road and field provides other dedications • Required Municipal Processes meaningful • Rezoning comparison to • Subdivision • Development Permit actual building • Building Permit • Construction Costs and development • $132 PSF for the Building ($6,600,000) permit requests • $12 PSF for site improvements ($600,000) • $600,000 for street and drainage improvements (not DCC rebateable)

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M ETRO VANCOUVER CHAPTER

Marketbeat: VancouverV ANCOUVER CHAPTER Office Report

ECONOMIC OVERVIEW ritish Columbia’s (B.C.) economic STATS ON THE GO DIRECT RENTAL VS. VACANCY RATES Bgrowth got off to a slow start in Q2 2011 Q2 2012 Y-O-Y 12 MONTH 2012, following moderate performance CHANGE FORECAST inGREATER 2011, VANCOUVERwhen GDP CHAPTE expandedR by 2.9%. Overall Vacancy 7.4% 7.5% 0.1pp ▼ Direct Net Asking Rents (psf/yr) $19.79 $21.72 9.8% Growth cooled further than originally   projected, with an estimated 2.3% YTD Leasing Activity (sf) 1,963,971 2,356,320 20.0% ▲ quarterly growth rate as a result of a slowing housing market, weaker Asian export demand, and still-moderate U.S. to China surged 61% to more than $1 economic growth. Average house prices billion in 2011, but growth eased late in in Vancouver were down 3.1% year-over- the year and activity should be more stable year in March, compared to a 20%-plus in 2012. The B.C. labour market remains LEASING ACTIVITY pace a year ago. Sales in the city are now choppy, but employment was up 1.6% running about 10% below the 10-year year-over-year in March, led by growth average, and new listings are somewhat in business services and manufacturing, elevated compared to historical norms. according to BMO Capital Markets. Additionally, the transition from the HST back to the PST/GST appears to be OFFICE MARKET OVERVIEW 2.4 having a negative impact on the new home Vancouver’s office market slowed 4.3 2.8 3.5 4.0 market. However, this year’s provincial down in the second quarter of 2012, budget attempted to ease the impact by while still remaining positive from the introducing a first-time buyers’ grant end of 2011 and beginning of 2012 for purchases of new primary residences with a decrease in leasing activity and Though economic conditions remain in first quarter, approximately 200,000 by March 31, 2013. The condo market slight increase in vacancy. The second weaker in suburban areas, positive sf is planned for completion throughout continues to lead new building activity, quarter saw negative 100,052 square feet signs are on the horizon, particularly in the year, most of which has prelease with units under construction up 32% (sf) of absorption, 926,904 sf of leasing Burnaby, Surrey and New Westminster. commitments. Vacancy is expected to year-over-year in Vancouver in February, activity, and a 0.4-percentage point Vancouver’s downtown core will also see remain tight – and the market expensive and the number of newly completed and decline in vacancy, down to 7.4%. For the introduction of a combined 1.0 msf of – until more office towers are built. Given unoccupied units near the highest level in comparison, the vacancy rate was 7.1% new product scheduled for completion by the substantial amount of new inventory 12 years during the prior quarter and 7.5% one 2014. anticipated to enter the market over the Meanwhile, a cooling Chinese year ago. Furthermore, 22,500 sf of new next three to four years, Vancouver’s office property market has sapped some supply (two addition floors) was added OUTLOOK market is expected to progressively stabilize. momentum from recently robust forestry to Vancouver’s office market at 1132 While Vancouver’s office market exports to that region. Lumber exports Hamilton in quaint Yaletown. saw only one building enter the market

Vancouver Office Market

SUBMARKET INVENTORY OVERALL VACANCY DIRECT VACANCY YTD LEASING UNDER YTD CONSTRUC- CURRENT QUAR- YTD OVERALL WTD. AVG. ALL WTD. AVG. CLASS RATE RATE ACTIVITY CONSTRUCTION TION COMPLETIONS TER OVERALL ABSORPTION CLASSES GROSS A GROSS RENTAL ABSORPTION RENTAL RATE* RATE* Downtown 23,999,047 3.5% 3.0% 1,038,264 1,170,792 22,500 12,020 31,978 $44.89 $52.28 Vancouver Broadway Corridor 6,247,279 4.2% 3.6% 169,103 251,730 0 5,754 39,521 $34.66 $38.65 Central Total 30,246,326 3.7% 3.1% 1,207,367 1,422,522 22,500 17,774 71,499 $42.76 $49.44 Burnaby 9,842,715 9.6% 7.4% 581,896 581,000 0 (77,379) 39,922 $35.34 $38.29 Richmond 4,358,727 19.4% 18.8% 151,661 0 0 (34,771) (28,995) $23.81 $26.78 North Shore 1,523,825 9.8% 9.1% 54,927 0 0 (30,363) (38,328) $28.79 $35.81 New Westminster 1,085,600 11.8% 9.5% 122,012 395,000 46,453 17,257 88,552 $25.84 $29.93 Surrey/Langley 4,291,227 14.2% 13.1% 238,457 537,584 0 7,430 6,583 $28.16 $28.79 Suburban Total 21,102,094 12.7% 11.1% 1,148,953 1,513,584 46,453 (117,826) 67,734 $28.75 $31.28 TOTAL 51,348,420 7.4% 6.4% 2,356,320 2,936,106 68,953 (100,052) 139,233 $33.79 $36.41 * RENTAL RATES REFLECT ASKING $PSF/YEAR Regional Office Development Cost Survey — Fall 2012 7

M ETRO VANCOUVER CHAPTER Market Highlights

Significant Q2 2012 Lease Transactions SUBMARKET TENANT BUILDING CLASS SQUARE FEET Broadway Tech Centre – Bldg 6 Burnaby Golder Associates A 135,000 580 Granville Street Financial Core Sophos A 35,908 V ANCOUVER CHAPTER 858 Beatty Street Financial Core Microsoft A 35,894 Bentall V Financial Core Teck Cominco AAA 35,112 Research Park Broadway Corridor StemCell A 34,853 Significant Q2 2012 Sale Transactions SUBMARKET BUYER PURCHASE PRICE / $PSF SQUARE FEET Bentall V Financial Core 550 Burrard Street Ltd. $396,000,000 583,000 401 West Georgia / 800 Burrard (50% interest) Financial Core CPP Investment Board $115,167,000 491,032

Esplanade Centre North Vancouver City of Vancouver $ 28,500,000 105,024 GREATER VANCOUVER CHAPTER The Province Building Financial Core 929767 B.C. Ltd. $18,010,000 50,000 1028-1036 Hamilton Street Financial Core 1028 Hamilton (BT) Holdings Ltd. $14,525,000 30,000 Significant Q2 2012 Construction Completions SUBMARKET MAJOR TENANT COMPLETION DATE SQUARE FEET 1132 Hamilton Street Financial Core SPEC Q2 2012 22,500

Significant Projects Under Construction SUBMARKET MAJOR TENANT COMPLETION DATE SQUARE FEET Telus Garden Financial Core Telus Q2 2015 450,000 Metrotower III Burnaby Speculative Q2 2014 411,000 745 Thurlow Financial Core SNC Lavalin / McCarthy Tetrault Q2 2015 400,000 Brewery District – Building I New Westminster Translink Q2 2013 265,000 MNP Tower Financial Core Meyers Norris Penny Ltd. Q2 2014 265,000 Surrey City Hall Surrey City Hall Q2 2013 250,000 Broadway Tech Centre – Building IV Burnaby HSBC Q4 2012 170,000 * RENEWAL - NOT INCLUDED IN LEASING ACTIVITY STATISTICS

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M ETRO VANCOUVER CHAPTER

Municipal Fees

2010V ANCOUVER 2012 Municipality CHAPTESubdivisionR Site Building Servicing DCC DCC Sewer Water Landscap- Develop- Rezoning Metro Returnable Other Taxes # 2012 2010 Percent- 2000 Percent- Equivalent Rank Rank Permit Profile Permit Agreement Charges Charges Hookup Hookup ing / Street ment Applica- Regional Security Fees TOTAL TOTAL age Totals age Annual Administra- per Fees Fees Improvement Permit tion Fees Sewer Deposits / (Exclud- Change Change Average tion and Square Fees Fees and Water Letters of ing Metro from 2000 Inflation Processing Foot Charges Credit Regional Rate Fees Charges & Taxes)

1 1 Burnaby $2,500 $100 $67,681 $24,977 $0 $0.00 $19,805 $9,790 n/a $16,200 $7,175 $40,550 n/a $0 $78,780 $148,228 $137,815 8% $60,144 146% 7.88%

2 2 City of White $1,350 $0 $57,298 $18,000 $57,288 $1.15 $17,500 $5,000 $10,000 $2,000 $2,688 $40,550 n/a $0 $67,913 $171,124 $138,176 n/a $104,386 64% 7.88% Rock 3

6 3 Port Moody 1 $3,033 $77 $44,863 $36,000 $55,143 $1.10 $177 $59 $11,000 $11,225 $12,002 $40,550 $1,150,000 $500 $76,757 $174,079 $215,327 -19% $101,475 72% 4.15%

4GREATER4 VANCOUVERPitt Meadows CHAPTE1 $1,630R $0 $59,400 $9,500 $115,298 $2.31 $8,030 $2,700 n/a $3,894 $4,119 $40,550 n/a $0 $92,458 $204,571 $195,031 5% $114,216 79% 9.14%

3 5 New $705 $100 $51,530 $1,620 $97,500 $1.95 $25,000 $10,000 $28,800 $2,753 $3,601 $40,550 n/a $0 $105,720 $221,609 $148,726 49% $66,605 233% 10.53% Westminster 1,3

5 6 Chilliwack 1 $720 $50 $54,517 $8,000 $182,270 $3.65 $160 $80 $0 $581 $2,329 n/a n/a $0 $73,711 $248,707 $198,634 25% N/A N/A N/A

8 7 Delta $435 $0 $42,930 $24,000 $124,506 $2.49 $35,000 $30,000 $6,000 $1,100 $3,029 $40,550 n/a $0 $83,532 $267,000 $287,000 -7% $198,709 34% 2.50%

7 8 Maple Ridge 8 $2,422 $0 $45,088 $24,000 $165,530 $3.31 $23,600 $8,700 n/a $2,442 $5,590 $40,550 n/a $0 $91,658 $277,372 $267,520 4% $127,711 117% 6.67%

10 9 Port Coquitlam $750 $75 $58,653 $24,000 $187,518 $3.75 $0 $0 n/a $1,200 $13,067 $40,550 110% of $0 $101,952 $285,263 $324,580 -12% $222,435 28% 2.10% 5 Landscape Cost

9 10 District $1,600 $0 $75,235 $25,595 $174,856 $3.50 $23,714 $25,125 $0 $3,600 $5,025 $30,250 n/a $595 $66,594 $335,345 $317,513 6% $238,648 41% 2.87% of North Vancouver

12 11 Township of $1,760 $0 $50,807 $28,250 $252,835 $5.06 $0 $5,000 n/a $5,745 $10,000 $40,550 $128,400 $500 $73,954 $354,897 $360,587 -2% $161,415 120% 7.48% Langley 6

13 12 Langley $1,100 $0 $57,180 $27,000 $214,699 $4.29 $27,000 $31,000 n/a $7,145 $4,512 $40,550 $0 $0 $67,119 $369,636 $361,239 2% $132,094 180% 8.95% (City) 1

11 13 West $5,000 $0 $61,950 $20,500 $229,925 $4.60 $31,000 $15,000 $0 $0 $8,000 $30,250 n/a $0 $37,084 $371,375 $337,375 n/a $329,010 13% 1.02% Vancouver 1

16 14 City of North $1,650 $100 $32,706 $46,125 $228,959 $4.58 $40,000 $18,000 $0 n/a $5,421 $30,250 n/a $25 $71,329 $372,986 $425,638 -12% $335,719 11% 0.87% Vancouver 7

14 15 Mission1 $1,537 $100 $49,839 $30,000 $283,252 $5.67 $4,500 $1,100 n/a $2,365 $4,522 $3,725 n/a $0 $114,048 $377,215 $375,658 n/a N/A N/A N/A

15 16 Coquitlam $2,500 $0 $56,838 $0 $280,638 $5.61 $0 $0 $23,400 $5,983 $8,570 $40,550 n/a $0 $113,268 $377,929 $391,437 -3% $293,991 29% 2.10%

19 17 Surrey $1,876 $0 $56,789 $35,840 $361,500 $7.23 $0 $0 n/a $5,492 $5,614 $40,550 n/a $0 $55,149 $467,111 $568,513 -18% $280,375 67% 4.35%

18 18 Abbotsford 6 $1,800 $0 $43,810 $26,250 $420,326 $8.41 $50 $115 $50,818 $0 $3,914 $52,070 n/a $0 $96,967 $547,083 $547,095 0% N/A N/A N/A

20 19 Richmond 2,4 $765 $50 $54,705 $24,000 $561,000 $11.22 $11,800 $10,800 n/a $6,780 $2,375 $40,530 n/a $0 $58,778 $672,275 $668,623 1% $193,423 248% 10.94%

17 20 Vancouver $43,400 $0 $29,439 $0 $566,500 $11.33 $22,859 $34,845 $721 $13,344 $17,444 $22,150 $600,000 $3,849 $68,492 $732,401 $539,499 36% $202,460 262% 11.31%

1 Sewer hookup costs are estimates only. Actual hookup done at cost. Chillwack and Port Moody 5 Based on Area 1 DCCs. Area 2 DCCs would be $833,266 are inspection fees, hookups done at actual cost. West Van costs dependent on location of meter 6 Note Abbotsford DCC’s incorrectly reported as Rural in 2010. Based on Area A (urban) DCCs. and service depth Township of Langley Sewer and Water Hookup Costs are charged back at actual cost 2 Development Permit Fee provided would be required if this building was to be located in the City 7 Administration and Processing fee includes Landscape Street Improvement fee Centre Planning Area. Outside of the City Centre a DP would not be required in most instances. 8 DCC’s based on Growth Area not infill which would be $43,000 lower Increase from 2010 Survey 3 Assumes development in mainland area - If in Queensborough DCC charges of $260,500 would # Based on 2012 Commercial mil rates with $7,800,000 of building/site improvements without land apply. cost which varies widely - see Mil Rate Table for additional details. Decrease from 2010 Survey 4 As in past surveys, Metro Vancouver / FVRD charges based on East Richmond as City has mul- tiple rate areas. West Richmond would be $25,250

Mill Rates 2010 2012 Municipality Commercial Mill Residential Commercial to Rank Rank Rate Mill Rate Residential Tax Ratio 2 1 Chilliwack 9.45 4.46 2.12 Most Business 3 2 Langley (City) 8.61 3.73 2.31 4 3 White Rock 8.71 3.56 2.45 Friendly: 5 4 Abbotsford 12.43 4.91 2.53 1 5 West Vancouver 4.75 1.81 2.62 City of Chilliwack 9 6 Maple Ridge 11.75 4.09 2.87 6 7 Langley (Township) 9.48 3.20 2.96 7 8 Port Moody 9.84 3.31 2.98 8 9 Surrey 7.07 2.35 3.00 11 10 Mission 14.62 4.62 3.16 13 11 Pitt Meadows 11.85 3.73 3.18 10 12 Delta 10.71 3.33 3.22 15 13 Port Coquitlam 13.07 3.71 3.52 12 14 North Vancouver (District) 8.54 2.36 3.61 14 15 Richmond 7.54 2.00 3.77 16 16 New Westminster 13.55 3.54 3.82 18 17 North Vancouver (City) 9.14 2.38 3.84 19 18 Vancouver 8.78 2.02 4.35 17 19 Burnaby 10.10 2.23 4.52 20 20 Coquitlam 14.52 3.11 4.66 Regional Office Development Cost Survey — Fall 2012 9

M ETRO VANCOUVER CHAPTER

Municipal Fees and Approval Times

V ANCOUVER CHAPTER

Municipal Development Fees

732,401 Fee Changes 2010 to 2012 Vancouver 672,275 he graph below illustrates the percentage Richmond 547,083 Tchange in development fees levied by each Abbotsford 467,111 municipality between 2010 and 2012. Of the Surrey 377,929 20 municipalities that responded to the survey, 9 Coquitlam 377,215 reported a wide range of increases ranging from Mission GREATER VANCOUVER CHAPTER 372,986 1% to just under 50%. Four municipalities held City of North Vancouver 371,375 costs the same over the time period and seven West Vancouver 369,636 Langley (City) municipalities reduced costs from 2% to just 354,897 under 20%. Township of Langley 335,345 District of North Vancouver 285,263 Port Coquitlam 277,372 Maple Ridge 267,000 Delta 248,707 Chilliwack 221,609 New Westminster 204,571 Pitt Meadows 174,079 Port Moody 171,124 City of White Rock 148,228 Burnaby

$0 $200,000 $400,000 $600,000 $800,000

Percentage Change 2010 to 2012 Cost ($)

36% Vancouver 1% Richmond 0% Abbotsford -18% Surrey -2% Most Improved Township of Langley -3% Coquitlam 0% Municipality: Mission -12% City of North Vancouver Joint award 0% West Vancouver 2% Langley (City) –City of Port Moody 6% District of North Vancouver -12% Port Coquitlam and City of Surrey 4% Maple Ridge -7% Delta 25% Chilliwack 49% New Westminster 5% Pitt Meadows -19% Port Moody 0% City of White Rock 8% Burnaby

-30% -20% -10% 0% 10% 20% 30% 40% 50% 60% % Change Annual Increase Compared to CPI from 2000 (1.79%)

N/A Abbotsford 4.35% CPI Comparison March 2001 to March 2012 Surrey 7.48% Township of Langley 2.10% he Cities of North Vancouver and West Vancouver Coquitlam N/A Mission Tdeserve kudos for limiting the increases in their fees to 0.87% City of North Vancouver less than the rate of inflation since 2001. A clear pattern 1.02% West Vancouver 8.95% can be observed with regards to development cost increase Langley (City) 2.87% District of North Vancouver variations. The graphic shows that an initial cluster of 2.10% Port Coquitlam municipalities managed to limit their increases to around 6.67% Maple Ridge 1.5 to 2.5 times CPI (primarily the suburban locations). 2.50% Delta N/A The next clear grouping occurs at 4 to 5 times CPI Chilliwack 10.53% (municipalities that have generally experienced higher New Westminster 9.14% Pitt Meadows growth) with one outlier at close to 6 times CPI. Over 4.15% Port Moody this time period, the “All Goods Consumer Price Index” 7.88% City of White Rock 7.88% in the Greater Vancouver Census Metropolitan Area Burnaby

increased by 1.79%. (Source: BC Stats) 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00% 20.00% % Increase 10 Regional Office Development Cost Survey — Fall 2012

M ETRO VANCOUVER CHAPTER Timing

2010 2012 Municipality Pre-Application Rezoning Process Development Permit Subdivision Approval Building Permit 2012 Approval 2010 Approval Percentage Change Rank Rank Design Review (days) (days) Process (days) (days) (days) Timing* Timing

MetroV ANCOUVER Vancouver CHAPTER 1 1 Chilliwack n/a 30-90 concurrent concurrent concurrent 90 90 0% 2 2 Langley (City) n/a 30-90 concurrent concurrent <30 120 120 0% 2 2 Township of Langley n/a 90-120 concurrent concurrent concurrent 120 120 0% 2 2 Surrey n/a 30-90 concurrent concurrent <30 120 120 0% 2 3 Burnaby n/a 120-150 concurrent concurrent <30 150 120 25% 3 2 Delta 2 90-120 concurrent concurrent <30 150 150 0%

5GREATER3 VANCOUVERMaple Ridge CHAPTER n/a 120-150 concurrent concurrent concurrent 150 210 -29% 3 3 Pitt Meadows 5 30-90 <30 concurrent <30 150 150 0% 4 3 Port Coquitlam n/a 120-150 concurrent concurrent concurrent 150 180 -17% 3 3 Richmond 5-10 120-150 concurrent concurrent concurrent 150 150 0% 1 4 Abbotsford 14 30-90 concurrent concurrent 30-90 180 90 100% 7 4 New Westminster 14 150-180 concurrent concurrent concurrent 180 270 -33% 4 4 Port Moody <30 150-180 concurrent concurrent concurrent 180 180 0% 4 5 Mission n/a 90-120 concurrent concurrent 30-90 210 180 17% 5 5 District of North Vancouver n/a 90-120 concurrent concurrent 30-90 210 210 0% 5 6 Coquitlam 15 90-120 concurrent concurrent 90-120 240 150 60% 6 6 City of North Vancouver 3 120-150 concurrent concurrent 30-90 240 240 0% 7 7 Vancouver 1 >180 30-90 concurrent concurrent 270 270 0% 7 7 West Vancouver n/a 150-180 concurrent concurrent 30-90 270 270 0% 4 8 City of White Rock n/.a 90-120 concurrent 90-120 30-90 330 180 83%

Increase from 2010 Survey *Outside estimate inclusive of concurrent processing of rezoning, subdivision, DP and BP where allowed, not including pre-application review. Decrease from 2010 Survey

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M ETRO VANCOUVER CHAPTER

Municipal Fees and Approval Times

V ANCOUVER CHAPTER

Municipal Approval Times

330 Fees and Schedule City of White Rock 270 he total fees levied by each municipality for the West Vancouver 270 Tconstruction of a 50,000 square foot office building Vancouver 240 development (as described on page 3) are presented on the City of North Vancouver 240 left, above. On the right, the total approval times – from Coquitlam GREATER VANCOUVER CHAPTER 210 District of North Vancouver application date to Building Permit – are shown. Approval 210 Mission time frames shown can and will extend beyond the periods 180 Port Moody noted if the developer does not supply necessary information 180 New Westminster with the initial application or respond to requests for 180 Abbotsford additional detail or clarification in a timely manner. Carrying 150 Richmond costs (interest and taxes) represent a considerable component 150 Port Coquitlam of pre-construction expenses and additional time spent in 150 Pitt Meadows the municipal approval process increases those costs. 150 Maple Ridge 150 Delta 150 Burnaby 120 Surrey 120 Township of Langley 120 Langley (City) 90 Chilliwack

0 50 100 150 200 250 300 350 400 Days

Commercial to Residential Tax Ratio Most Fiscally 4.66 Coquitlam 4.52 Responsible: Burnaby 4.35 Vancouver 3.84 North Vancouver (City) Joint award 3.82 New Westminster 3.77 Richmond 3.61 –City of North Vancouver North Vancouver (District) 3.52 Port Coquitlam 3.22 Delta and City of West 3.18 Pitt Meadows 3.16 Mission 3.00 Vancouver Surrey 2.98 Port Moody 2.96 Langley (Township) 2.87 Maple Ridge 2.62 West Vancouver 2.53 Abbotsford 2.45 White Rock 2.31 Langley (City) 2.12 Chilliwack

0.00 1.00 2.00 3.00 4.00 5.00 Ratio

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SERVICES INCLUDE Environmental Site Assessments Environmental Planning Contamination Management Construction Monitoring Contact us: 604.682.3707 [email protected] 12 Regional Office Development Cost Survey — Fall 2012

M ETRO VANCOUVER CHAPTER

Future Trends

V ANCOUVER CHAPTER s an indication of what the future could bring, ANAIOP included a section within its survey on future policy directions and changes to existing policies that were under consideration at the time of publication. This information comes with a general disclaimer that all or a majority of these potential changes are subject to either council or staff approval and final drafting. Below areGREATER some VANCOUVERhighlights ofCHAPTE whatR could be coming in the near future to a jurisdiction near you.

Abbotsford The City is currently investigating a City initiative to rezone the Industrial “City in the Country” (CICP) Lands. The City intends to pre-zone land and take the Rezoning to public hearing and consideration of third reading. The individual property owners in the CICP area will then need to complete the rezoning (adoption)

Chilliwack In 2011 City Council established an Industrial Revitalization Tax Exemption program to create an economic stimulus that will encourage industrial capital investment, expand the industrial tax base, create additional permanent employment opportunities and to reduce the need for our community residents to work outside of the area. Construction of new industrial buildings with a value Council in decision-making. Please see the guide and Council - Summer/Fall 2012. of construction in excess of $1 million (or an alteration/ sample Sustainability Report Card attached to this email. Burrard Slopes Industrial Area - similarly, changes addition of an existing industrial building with the same to the IC-1 and IC-2 zones to increase service and office value), can qualify to save on industrial property taxes for Richmond uses while maintaining the industrial role for production, five years with this new industrial incentive. The City is currently in the process of updating distribution and repair (PDR). Start - Fall/Winter 2012. the OCP. The OCP review included an employment Broadway Uptown Office District - C-3A zoned area New Westminster land study. under review as part of the Central Broadway Planning The city is working to update the Queensborough Program. Direction is to increase density and height Community Plan. The community plan update will Vancouver for office buildings. Underway. http://vancouver.ca/ result in new policies and future land use maps for the Four industrial/commercial areas are undergoing commsvcs/planning/centralbroadway/index.htm Queensborough neighbourhood. More information possible zoning changes, as a result of implementing False Creek Flats Industrial Area - under study as on the plans can be found at: www.newwestcity.ca/ directions in the Metro Core Jobs and Economy Land part of the Eastern Core Strategy, to explore future queensborough Use Plan: http://vancouver.ca/commsvcs/planning/ land use and transportation options with a focus on In addition, last year City Council adopted the corejobs/index.htm increasing job space. Start - Fall 2012 http://vancouver. Sustainability Report Card. Replacing our old Smart Mount Pleasant Industrial Area - changes to the ca/commsvcs/currentplanning/fcflats/index.htm Growth Development Checklist, the Report Card I-1 zone are being proposed to increase service and Other policies for job areas can be found on the outlines priority items and scores projects based on office uses while maintaining the industrial role for City website: http://vancouver.ca/commsvcs/guidelines/ sustainability performance. These scores better assist production, distribution and repair (PDR). Report to pol&guide.htm Regional Office Development Cost Survey — Fall 2012 13

M ETRO VANCOUVER CHAPTER Move Towards Green

s a ‘snapshot’ of the increasing move Municipality Green Building Require- Green Building Comments Atowards sustainability amongst the ments/Voluntary Measures Incentives V ANCOUVER CHAPTER municipalities, NAIOP has included Burnaby 4 4 Green Building/LEED standards may be determined on a site specific basis with co-operation of a section within its survey on whether developer, some reduction in parking for co-op car spaces there are any sustainable/green building District of Maple Ridge 4 4 Guidelines and Tax exemption provided in Town Centre requirements (beyond the requirements New Westminster 4 All new development is required to complete a Sustainability Report Card, scores are used by in the BC Building Code) or incentives in Council in their decision making around projects Port Coquitlam 4 4 Green roof (or equivalent) required where building area exceeds 5000 m2. Sustainability check- place within each municipality. This year list in rezoning. Fast track Building Permit application for LEED Silver buildings. more than half (12 of the 20 municipalities City of North Vancouver 4 4 Minimum Energuide 80 or Ashrae 90.1 2007 required with deposit to ensure performance, pos- who responded) confirmed they have sible density bonusing approved by council on case-by-case basis GREATER VANCOUVER CHAPTER requirements and/or incentives to promote Port Moody 4 Sustainability Checklist for 4 pillars of Port Moody’s sustainability model: environmental, eco- sustainable building. nomic, social and cultural. required for all development proposals – requirement to achieve 25% Some were voluntary measures better energy performance than MNECB covering all areas of sustainability or smart District of North Vancouver 4 4 Green Building strategy with floor space bonusing growth, others were mandatory actions Delta 4 4 Delta has developed a “green growth” index as a tool to identify the sustainability features of major new development projects. These features are reported to council and secured as part of on particular items such as stormwater development agreements management and green (planted) roofs for Vancouver 4 4 COV Green Building Strategy and Green Homes Program. Floor space exclusions granted for buildings over a certain size. wall assemblies to remove penalty for constructing walls with higher energy efficiency Most municipalities now require Richmond 4 Bylaw 8385 “Green Roofs & Other Options Involving Industrial Buildings” requires that office some form of sustainability reporting buildings outside of the City Centre, with a gross floor area of 2,000 m2 or more, to reduce the as part of their rezoning/ development amount of storm water runoff by at least 20%. City of Langley 4 Sustainability checklist to be completed with Rezoning/Development Permit and Subdivision application, and many of these are offering applications incentives including density bonusing, District of West Vancouver 4 Council views DP/DVP projects that achieve Energuide 80 rating favourably floor area exclusions, transfers, DCC and tax exemption, as well as fast tracking the permit process for “green” projects. In future, the expectation is that many of the processes that are now voluntary will be formalized, as municipalities raise the bar on what is considered green. ACKNOWLEDGMENT

NAIOP would like to acknowledge and thank all 20 municipalities INTEGRATED who took part in this year’s Development Cost Survey. Participation is voluntary and the time expended to respond to it can be significant, PROJECT not unlike a “real” development application. Development in any jurisdiction is a partnership between business and the community. DELIVERY NAIOP is pleased to be in a position to work, on behalf of our members, with all of the Metro Vancouver jurisdictions, which + REAL ESTATE STRATEGY participated in the publication of this information for the business community. + DUE DILIGENCE + ARCHITECTURE NAIOP would also like to acknowledge the contributions from Walter Franci Architects for the preparation of the Drawing materials, + INTERIOR DESIGN Cushman and Wakefield for the Market Beat Report and Lawson + ENGINEERING Lundell for providing the municipal mill rate information. + CONSTRUCTION + MAINTENANCE

FIND OUT MORE ABOUT US AT WWW.OMICRONAEC.COM

M ETRO VANCOUVER CHAPTER

VANCOUVER CHAPTER ww.naiopvcr.com

V ANCOUVER CHAPTER

GREATER VANCOUVER CHAPTER 14 Regional Office Development Cost Survey — Fall 2012

M ETRO VANCOUVER CHAPTER NAIOP Icon Speaker Recipient for 2012

V ANCOUVER CHAPTER David is the first recipient his year’s Icon Speaker is David Podmore, TChairman and CEO of Concert Properties Ltd. of the Award of Excellence David will share his insights with NAIOP members at the chapter breakfast on December 20th, 2012. established by The Real Estate David has more than 33 years of experience in the real estate, development and construction industry. Institute of BC David co-founded Concert Properties Ltd with Jack Poole in 1989. GREATER VANCOUVER CHAPTER David holds a Bachelor’s Degree specializing in community and regional planning from the University of British Columbia and a Master’s Degree (Earth Sciences) specializing in urban planning from the University of Alberta. He is a Registered Professional Planner (MCIP), a professional member of the Real Estate Institute of British Columbia (RIBC) and a professional member of the Real Estate Institute of Canada (FRI). David has served as Chair of the British Columbia Institute of Technology (BCIT) Foundation, President of the Urban Development Institute of BC (Pacific Region), member of the BC Progress Board, Chair of the BC Children’s Hospital Foundation and spent eight years as a director of the Canadian Tourism Commission. He currently serves as a director of Fortis BC and Lifelabs Inc. David is the first recipient of the Award of Excellence established by The Real Estate Institute of BC, and in 2003 he received the Community Service Award from Volunteer Vancouver. In 2005, David was awarded an Honorary Doctor of Technology from the British Columbia Institute of Technology.

Build Business BIV Media Group offers targeted busi- ness intelligence to keep you in the loop so you can build your business. www.biv.com Regional Office Development Cost Survey — Fall 2012 15

M ETRO VANCOUVER CHAPTER Comparative Tax Burden

V ANCOUVER CHAPTER

GREATER VANCOUVER CHAPTER

hile it may not be the primary consideration, a growing For 2012, the five municipalities with the lowest commercial to Wnumber of businesses are considering the impact of the residential property tax burden (rated from lowest to highest) were: property tax burden, and the variations in that burden across the • Chilliwack NAIOP used the region, when making the decision on where to locate. Property taxes • Langley (City) are not, for the most part, factored into per-square-foot lease prices • White Rock value of $7,800,000 but, like common area and maintenance (CAM) costs, they are paid in • Abbotsford addition to the base lease rates. • West Vancouver from the scenario Municipal property taxes pay for city services such as parks, roads, utilities, policing, fire protection and local improvements. Property The five municipalities with the highest commercial to residential as a constant to tax rates within any municipality are impacted by two factors. The property tax burden (rated from highest to lowest) were: calculate the level first is the value of the property being taxed and the second is the tax • Coquitlam rate (mill rate) that the municipality applies to various property types. • Burnaby of taxes that the Municipalities ensure their ability to balance their budgets with their • Vancouver ability to adjust mill rates. • City of North Vancouver exemplar office The property tax burden for businesses varies from jurisdiction • City of New Westminster to jurisdiction however, compared to residential tax rates, businesses building would pay (‘industrial’ and ‘commercial’ property designations) pay a Small and medium sized commercial businesses are essential to significantly greater proportion of the property taxes. the socio-economic health of the community and contribute to the in each municipality For light industrial and commercial properties, research has goal of building compact sustainable cities. indicated that the ideal median tax ratio (industrial/commercial tax High municipal property taxes for these types of businesses rate to residential tax rate) is 3 to 1. Less than half the municipalities have serious impacts on our city, neighbourhoods and employment surveyed are in line with this ratio. opportunities for residents. Although, it is often said that businesses The caution in using this comparison is that it may be misleading “don’t vote” in local elections, in reality they do cast a ballot, by in times of rapid appreciation of residential land values vs. commercial making the decision to relocate to lower cost jurisdictions in which land values, in these circumstances, the ratio may appear to worsen their business can thrive and contribute to the sustainability and but the taxes are simply being spread out amongst a higher residential vitality of their local communities. value base while actual taxes paid for commercial properties could stay the same. To illustrate this in reality, NAIOP used the value of $7,800,000 from the scenario as a constant to calculate the level of taxes that the exemplar office building would pay in each COUNTERPOINT INTERIORS INC. DESIGN | BUILD | RELOCATE | FACILITATE municipality. Surprisingly, the highest absolute taxes were paid in Mission which ranked 10th on the median tax ratio table. The next 3 highest taxes consisted of Coquitlam which was expected given they had the worst ratio but also Port Coquitlam and New Westminster with ratios under 4 to 1, showing very clearly that a low ratio does not necessarily translate into a competitive tax level for local business. Even more surprising was that three of the cities (Burnaby, Vancouver and the City of North Vancouver) with the worst ratios had levels of taxation that were in the middle to the low end of the spectrum.

Turnkey: interior design, project management We build what we design! we’re the offi ce problem solvers Brian Carroll 604-880-2248 [email protected] | www.counterpoints.com NAIOP truly reflects the pulse of the commercial/industrial/development industry in Greater Vancouver. It provides its diverse membership with a valuable network of industry professionals, a powerful forum to exchange ideas, economic information and market news, and a collective voice to lobby for John Conicella regulatory debate and change. NAIOP President works for members year round to enhance NAIOP is the Commercial market knowledge and exposure, to help Real Estate Development streamline the industry, and provide Association, with more a healthy sprinkling of camaraderie and fun. The Vancouver Chapter of than 10,000 members NAIOP is one of 50 chapters within an across North America, NAIOP’s Board of Directors for 2012: extensive network that represents the who represent the interests of developers and owners of interests of developers Back: Don Harrison—GWL Realty Advisors Inc.; Stephanie Setchell—Farrell Estates Ltd.; Gordon Wylie—Ivanhoe Cambridge industrial, office and related commercial and owners of industrial, II Inc; Derek Jones—Concert Properties Limited real estate throughout North America. office and related Middle: Maury Dubuque—Colliers International; John Scott—CEI NAIOP’s Award Winning annual Cost of Architecture Planning Interiors; Geoff Heu—GWL Realty Advisors commercial real estate. Inc.; Darlene Hyde—Executive Director; Ernest Hee—Boughton Business Survey provides a benchmark NAIOP’s Canadian Law Corporation; Emel Tetiker—Support Services Unlimited; Chris for performance of over 21 municipalities network includes chapters MacCauley—CBRE Limited|Industrial Properties in the Metro Vancouver area with respect Front: Jennifer Podmore Russell—Deloitte; Graeme Silvera— in Vancouver, Calgary and to their development costs and ease of Plenary Group; John Conicella—Wesgroup Properties Toronto. Not Present: Pav Sikham, CA—KPMG LLP; James Delmotte— doing business. Grosvenor Americas Why become a member of NAIOP?

The NAIOP Value Proposition: • The Annual Commercial and Industrial Development Report Card —which reviews the effectiveness of local municipalities in addressing • Local networking opportunities through monthly office and industrial development projects. breakfast speaker series and events. • Educational opportunities—through seminars, webinars and • Special events for Developing Leaders, under 35 years symposiums, including the annual Developers’ Symposium. of age. • The “Icon Speaker” series, which provides access to the top • A biennial Awards Gala, to recognize the best in the tier of industry leaders. industry. • Weekly newsletters which keep the membership up to date • Industry and market information—through breakfast on association happenings. speakers, special publications and its website • Legislative voice with municipal and provincial officials— www.naiopvcr.com through our Development Issues and Government Affairs Committee.

For more information on NAIOP – Vancouver Chapter or any of its events,