Transit investment key to Metro Vancouver's ongoing economic vitality

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Avison Young Commercial Real Estate (BC)

Jun 05, 2015, 12:00 ET

Avison Young releases white paper: "Unlocking Generational Aspirations:
A Commercial Real Estate Perspective on Public Transit & Transportation
Infrastructure Investment in Metro Vancouver 

VANCOUVER, June 5, 2015 /CNW/ - Residents in Metro Vancouver have had a rare opportunity to decide whether or not to fund the development and expansion of transit and transportation infrastructure – a choice that would be the envy of most metropolitan centres around the globe.

Area inhabitants were asked in March 2015 to participate in a mail-in non-binding plebiscite that asked if they supported a 0.5% increase to the Provincial Sales Tax (PST) collected within the region to pay a one-third share of a 10-year, $7.5-billion transportation infrastructure investment plan. The results are expected by the end of June.

A failure to leverage the high level of accord currently shared by the collection of municipalities, business groups, environmental and labour organizations, and NGOs backing the proposed 10-year investment plan will ultimately represent a missed opportunity that will constrain the performance of the commercial real estate industry and negatively impact the region's economic vitality and growth for decades.

From the perspective of the commercial real estate industry, a stable source of funding dedicated to public transit and transportation infrastructure investment is welcomed and the
opportunity to secure such funding should be seized.

These are some of the conclusions reached in Avison Young's white paper: "Unlocking Generational Aspirations: A Commercial Real Estate Perspective on Public Transit & Transportation Infrastructure Investment in Metro Vancouver", released today.

The white paper explores the potential economic benefits of public transit and transportation infrastructure investment in Metro Vancouver through the examination of studies published in Canada, the U.S. and the European Union. The paper also outlines the recent history of transit funding in Metro Vancouver and highlights numerous U.S. examples that involved residents voting on similar transit investment measures.

"With almost 45% of ballot packages screened as of May 27 – two days before the deadline –and response rates ranging from 39.5% in Surrey to 57.5% in Belcarra, the opportunity placed before the residents of Metro Vancouver was a historic one," comments Andrew Petrozzi, Vice-President, Research (BC), based in Avison Young's Vancouver office. "From our examination of the benefits that can accrue from sustained and comprehensive investment in public transit and transportation infrastructure around the world, we concluded that supporting the plebiscite was in the best interests of the wider community – a testimony to the broad coalition that assembled to support this measure – and conducive to inspiring economic development in a measured, responsible and healthy manner."  

He adds: "It is our hope that Metro Vancouver residents took this occasion to show leadership on transit and transportation infrastructure funding, and demonstrated to government a desire for the type of measured and responsible development and density that improved and expanded public transit infrastructure can deliver in their respective communities."    

Avison Young is the world's fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 1,800 real estate professionals in 66 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties.

Editors/Reporters

For further information/comment/photos:

  • Sherry Quan, Principal, Global Director of Communications & Media Relations, Avison Young: 604.647.5098; cell: 604.726.0959
  • Michael Keenan, Principal and Managing Director, Vancouver, Avison Young: 604.647.5081
  • Andrew Petrozzi, Vice-President, Research (BC), Avison Young: 604.646.8392
  • Mark Rose, Chair and CEO, Avison Young: 416.673.4028

www.avisonyoung.com

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SOURCE Avison Young Commercial Real Estate (BC)

Andrew Petrozzi, 604.646.8392, email: [email protected]

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Avison Young Commercial Real Estate (BC)