Securing land, buildings, and tenancy for not-for-profit, social purpose, and cultural organizations has been increasingly challenging in the Metro Vancouver area due to issues of affordability and availability of suitable space. Also challenging in this respect is the ability to assist these organizations in their pursuit of affordable and suitable space due to the lack of comprehensive data that confirms these issues; without the data, it is difficult to prepare business cases to support these organizations.
Recognizing the data gap, a pioneering Social Purpose Real Estate Study was commissioned by the Real Estate Institute of BC and the Social Purpose Real Estate Collaborative Table – the first of its kind in Canada. Managed by CitySpaces with assistance from market researchers Mustel Group, this study comprised of a comprehensive Rent-Lease-Own survey of over 600 not-for-profit, social purpose and cultural sector organizations. The resulting survey produced baseline data and spatial distribution on the social purpose sector with respect to space needs, tenure, stability, and affordability. Special attention highlighted the social purpose real estate co-location potential within the City of Vancouver.
In addition to the comprehensive survey, a high-level literature review and research on best practices and case studies were explored to provide background context. A policy and regulatory scan was also presented as a sample of approaches that exemplify the types of supportive initiatives municipalities in the region have implemented to support social purpose real estate, including amenity zoning, density bonus policies, property tax exemptions, and municipal grant programs.
CitySpaces also provided analysis on the baseline data and spatial distribution of social purpose organizations to identify initial opportunities for the sector to explore. Opportunities included capacity building tools and online information system to connect and move like-minded social purpose organizations towards co-location opportunities.
With the help of this study, the Social Purpose Real Estate Collaborative Table continues to work towards addressing the real estate challenges affecting the not-for-profit, social purpose and cultural sector in the region and advancing social purpose real estate development such as co-location projects.
PROJECT TEAM:
Jada Basi Gwyn Symmons Noha Sedky Ken Berglund