CPABC Industry Update Summer 2016 | Page 9

VANCOUVER: From 20th-Century Gateway City to 21st-Century Head Office City By Yuen Pau Woo F rom its inception, Vancouver has been a gateway city connecting Canada and Asia. In the last two decades, Canada’s Asia-Pacific Gateway has been extended and strengthened to serve not just Canada but all of North America. Our world-class port and airport facilities, together with efficient road and rail infrastructure, have positioned Vancouver as a preferred trade and transportation hub for the trans-Pacific flow of goods and people. As the city matures as a gateway, the challenge for it is to become more than just an efficient transportation hub. The next phase in Vancouver’s evolution as a gateway city is to build an economic base that will support sustainable growth, in order to meet the lifestyle aspirations of its citizens. One key strategy for building a more sustainable and higher-value economic infrastructure is attracting head offices to Vancouver and British Columbia in general. We have all the ingredients to be not just a head office city, but a uniquely 21st-century head office city – a choice location for livability where globally connected and highly skilled talent can work for a diverse set of businesses performing head office functions for global markets. The importance of being a head office city The opportunity is enormous: research by McKinsey and others tells us that the Metro Vancouver region is not achieving its potential in most measures of head office presence, compared with other major cities in North America. This matters not just for “company count.” One study suggests that Vancouver has an opportunity to SUMMER 2016 | page 9