We all know that Vancouver’s economy is fueled by residential/commercial real estate and construction. Each real estate development creates hundreds of jobs – from design to construction. According to the Business Vancouver article “Vancouver’s Economy is on FIRE”, the city will retain its “superstar” status in Canada for GDP (Gross Domestic Product) and is expected to produce 23,000 new jobs each year in 2017 and 2018.
“About half of Vancouver’s economic growth is attributable to the so-called FIRE sector (finance, insurance and real estate) and construction.” – Business in Vancouver
Bigger commercial property developments such as IRONWORKS – at more than 2 acres and an entire city block in size – make those effects even more obvious. The number of people that have touched the IRONWORKS Port Town development is substantial, from skilled architects, engineers, surveyors and project managers; to city staff, politicians, construction workers and more. The planning process for a project of this scope requires careful consideration to ensure the project is successful and has a positive impact on the surrounding community.
IRONWORKS planning and design went through many iterations, working together with City staff and consultants, to ensure the outcome was consistent with the City’s vision for the area. The modern vision of IRONWORKS multi-use office, industrial and warehouse space fits Vancouver’s Port Town and helps to establish the important role businesses play in the expansion of a successful community.
In addition, the amount of manpower it takes to construct a project like IRONWORKS is impressive. It only takes one site visit to see and feel how much goes into constructing such a large project, and to understand how many jobs a project like this creates. At some points during construction there will be over 100 workers on site at any one time, plus the major equipment. In preparation for the parkade alone, approximately 7,000 dump trucks of dirt were removed over three months!
To put it in perspective, over the 22 months of construction, the project will take approximately 350,000 man-hours of work and will employ 400-500 people. Once IRONWORKS is completed, businesses will move in and provide a continued source of employment in the community. There will be an anticipated 500+ permanent jobs over approximately 35 high tech or service-oriented businesses at IRONWORKS.
When business owners look for Vancouver commercial real estate that suits their business needs, they frequently consider price, location and building amenities, but these social and economic selling points, while not immediately tangible, are vital to the success of a real estate development and the businesses that invest in it. We see IRONWORKS as a catalyst for further development in an area that already has great amenities.
We’re proud to share the positive effects IRONWORKS has on our local economy and community, they are both immediate, and, like the companies who buy into the project, will grow over time.
Considering Commercial Real Estate Investment in Vancouver?
If you are a local business owner thinking about purchasing office or warehouse space in Vancouver, consider IRONWORKS. Located in Vancouver’s growing Port Town neighbourhood, IRONWORKS offers modern mixed-use industrial and office space – a highly desirable investment for owner-investors. View the IRONWORKS floor plans and contact us to receive more information, or book a viewing.