New Credit Suisse Stock Exchange tower example of Vancouver’s “green” jobs boom

News that Credit Suisse proposes to build a 400,000 square foot LEED platinum double office tower at the site of the old Vancouver Stock Exchange should convince sceptics that Vancouver’s commitment to “green jobs” is producing results.

The Stock Exchange project is just one of a new wave of construction of office and job space projects in the Downtown Core that will exceed two million feet very quickly.

The announcement should raise confidence about four key council policies:

  • the decision several years ago to impose a moratorium on condo construction in a key section of the downtown core so there would be room for the jobs needed to make the city economy tick;
  • the decision to adopt other jobs-friendly land use policies of the Core Jobs Review;
  • the requirement for green building construction at LEED gold levels, which this project will exceed; and
  • Mayor Gregor Robertson’s drive to commit the city to “green jobs” as a strategy to move Vancouver forward.

The result is a rash of office construction exceeding two million square feet that is riding these policies as well as the wave built up by the city’s very competitive tax structure, rapid transit and our general economic stability.

The only cloud on the horizon? Housing prices, which more and more employers are learning can be a deal-breaker even when recruiting high priced help that can work anywhere but earn much more where housing costs are lower.