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Porter Ramsay Blog

Amazon building would be real estate coup for British Columbia

Having the North American headquarters of Amazon located in Vancouver would be a boost not only for the city, but for the province. Such a real estate deal would be beneficial for all of British Columbia since the headquarters could potentially cost about $5 billion. Amazon recently announced it is looking for another site for a building in addition to one already located in Seattle.

The Vancouver Economic Commission is reviewing the Amazon HQ2 request for proposals, hoping to make a bid for the project. The VEC is seeking input from local businesses and government. If the bid is successful, it could mean about 50,000 jobs for B.C.’s largest city. The application deadline is Oct. 19  with a final decision to be made by Amazon next year.

Vancouver will have competition from Toronto, which will also put in a bid. Amazon will be looking at such things as access to mass transit, closeness to an international airport and the potential for expansion. The conglomerate has expansion goals for the winning site to the tune of eight million square feet for the coming decade. Amazon has indicated that it will hire up to 50,000 full-time employees within 15 years at its new location, and those employees will have an average pay of upwards of $100,000 in U.S. dollars a year.

Commercial real estate transactions need the legal savvy of a British Columbia lawyer experienced in real estate law. Contractual agreements need to be precise, comprehensive and protective of a business`s interests. A lawyer can guide purchasers and sellers in all real estate transactions. 

Source: vancouversun.com, “Vancouver mayor would welcome Amazon’s $5-billion headquarters“, Scott Brown, Sept. 8, 2017