Increasing investment in office towers is likely to fuel non-residential construction investment in the next couple years, Vancouver Regional Construction Association president Keith Sashaw told Business in Vancouver July 17.
He pointed to Statistics Canada data, also released July 17, noting commercial building investment spending has increased for the second quarter in a row.
“That’s significant because commercial building investment amounts to the largest proportion of non-residential construction,” Sashaw said. “The rest is industrial and institutional construction.”
He pointed to towers such as the Westbank Projects and Telus Corp.’s planned Telus Garden development, Oxford Properties’ project at 1021 West Hastings Street and British Columbia Investment Management Corp.’s project at 745 Thurlow Street.
“We’re in a pretty volatile part of the cycle in terms of ups and downs,” Sashaw said.
Statistics Canada data shows that Vancouver non-residential construction investment rose 4.4% to $678.4 million, seasonally adjusted, from $649.6 million in the first quarter of 2012.
Compared with 2011’s second quarter, however, non-residential construction investment was 8.7% lower in the second quarter of 2012.
Watch for a larger feature in next week’s BIV on 20 upcoming office tower developments proposed or under construction across Vancouver.
