More Jobs, Higher Retail Sales, and Great Commercial Real Estate Opportunities in Vancouver, BC
Real Estate News for Vancouver
Since the 2010 Olympics, Vancouver’s hospitality industry has picked up steam by focusing on new hotel builds and retrofits of existing buildings.In fact, approximately 75% of projects in Vancouver are retrofits with one of the most notable being Vancouver’s Fairmont Waterfront, which recently underwent a major renovation.
Â
And, while Vancouver’s hotel industry still falls behind larger markets, such as Toronto and New York, the sector is gaining ground by offering travelers a more personalized experience.Â
Â
Gone are the days of cookie-cutter hotels with one-size-fits-all approaches. Today, more brands and developers, such as Marriott, are zoning in and specifically catering to different demographics – from young travelers to business executives. They are learning from niche, boutique hotels and online hospitality providers, like Airbnb, to create unforgettable experiences for travelers that are unique, memorable and downright dazzling.Â
Â
This is a move in the right direction for the Vancouver hospitality industry, which has the potential for great growth over the coming years. It’s opening the commercial real estate doors as more big name brands want to capitalize on the opportunity to grow the hotel business in a world class city. The low Canadian dollar, increased occupancy rates and high number of conventions also make Vancouver a highly desirable market.
Â
To learn more about hospitality assets in Vancouver’s commercial real estate sector, please contact our Vancouver office to speak with one of our knowledgeable advisors.Â
Powered by Webstager