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| Archive | Send to a Friend | www.boma.bc.ca | BOMA Marketbase | |||||||||||||||||||||||||||||||||||||||
| June 9, 2020 | |||||||||||||||||||||||||||||||||||||||
 Association News Above: QuadReal Property Group's Park Place team
Amid major disruptions to how office buildings are managed and operated, it was a treat to take an hour to celebrate companies and individuals at BOMA BC’s first virtual awards event.
  
BOMA BC had several new members join in recent months. The Contact Committee wanted to give them a special welcome to the association even without the presence of in-person events. A Zoom meeting with breakout rooms was organized to allow for networking in small groups for the first set of members. We look forward to meeting the second half of the new members at our next scheduled virtual event!
BOMA BC's annual leasing guide for office space was mailed out to principal members. If you didn't get a copy but would like to see the digital version, click here. Office Space contains listings of commercial properties in the Lower Mainland.
 In striving for operational excellence, Wesgroup Properties (1669 East Broadway team pictured above) made significant steps forward by working with BOMA BC during 2019. They used many of BOMA’s resources and programs to assist them in identifying energy and environmental opportunities within their properties and to grow their sustainability platform.
Regulatory NewsGovernment AffairsOn April 28, 2020, City of Vancouver council approved a tax share of 56.8% residential and 43.2% non-residential. This reflects a 0.5% tax shift from non-residential properties (Classes 2, 4, 5 and 6) to residential properties (Classes 1, 8 and 9) that was directed by council in April 2019 as part of the three-year tax shift program totalling $15.8 million, at a rate of 1% in 2019, 0.5% in 2020 and 0.5% in 2021. This 2% tax shift was due to advocacy on your behalf by BOMA and other business associations. 
Good to KnowSource: Singleton Urquhart Reynolds Vogel LLP
Commercial landlords with tenants in arrears should be mindful of the possibility of tenants seeking protection under the Companies' Creditors Arrangement Act (CCAA) or filing for bankruptcy, as the process for recovering those arrears may be significantly more complicated. Among the changes is a doubling of the incentive for property management to $300,000 and BC Hydro will now pay 100% (up to $0.15/sq ft) for continuous optimization projects.
Source: Tremco
The building envelope consists of features of the building such as roof, walls, doors, windows and any other items or areas that limit the uncontrolled movement between the inside and outside of the building. The connections between the features of the building keep the envelope sealed.
Event Calendar
National NewsAround the IndustrySource: Vancouver Sun
Commercial landlords and small businesses in BC want the federal government to fix problems in the federal rent assistance program that they say have delayed aid for owners and tenants.
Source: The Vancouver Sun
Landlords who are eligible for rent relief from the federal government and don't accept it will not be allowed to evict businesses that are unable to pay rent.
Source: Western Investor
The 115-year-old Landing, a mixed-use landmark in Vancouver’s Gastown, has been purchased by Allied Properties Real Estate Investment Trust based in Toronto. Source: Vancouver Is Awesome
Slavi Diamandiev, an economic advisor at Vancouver’s Deloitte office, said he expected the price of real estate in Vancouver and the jobs tied to it to be “damaged” as the pandemic persists. Source: Daily Hive/Urbanized
Financial uncertainties caused by COVID-19 are pausing the second phase of UBC’s Brock Commons, a mixed-use development with student housing. Source: Vancouver Sun
The sub-lease market is seeing an increase in office space available as companies are looking to leave downtown.
Source: Times Colonist
Telus Communications Inc. will purchase the Apex site at Douglas and Humboldt streets in Victoria from the city. The company says it will build its regional headquarters there. Source: URBANIZED/Daily Hive
UBC is planning to build a satellite campus in downtown Kelowna. The development will have between 80,000 and 100,000 square feet of space. |
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