CoStar News examined each FIFA World Cup host city and what the tournament June 11-July 19 could mean for local infrastructure, real estate, tourism and economic development long before the first soccer match is played. Find links to all the markets here.
FIFA World Cup action is coming to Vancouver, British Columbia, a city that annually ranks high for global real estate investment, tourism and quality of life.
Canada's third-most populous city is bracing for a tourism surge as it hosts seven matches at BC Place Stadium between June 13 and July 7. The events are expected to draw 350,000 fans, including many from around the world, providing an immediate boost to tourism and spending at local businesses, restaurants and shops.
Total economic benefits are expected to exceed $1.7 billion in the province for the seven matches, with an estimated 18,000 new jobs created and 1 million additional visitors. A study by FIFA, the sport's international governing body, projects that British Columbia will see $1 billion in additional tourism revenue over the next five years from upcoming and returning visitors.
This is the first time in history that Canada will host men's World Cup matches.
Developers are working to boost the region's hotel supply in order to capitalize on incoming demand. Destination Vancouver, the city’s tourism board, warned in 2023 that the region could lose more than $30 billion in spending and other economic impact by 2050 unless 20,000 hotel rooms are built in the greater Vancouver region over the next 25 years to meet the projected need.
Here is CoStar News’ scouting report:
The city
Vancouver was originally named Gastown when it grew around the site of a makeshift tavern on the western edge of Hastings Mill, following the indigenous settlement that included the Squamish, Musqueam and Tsleil-Waututh peoples.
Today, the Port of Vancouver is among the largest ports by tonnage in the Americas, and the largest and busiest in Canada. Forestry is the region's largest industry, followed closely by tourism.
Vancouver has also evolved into one of North America's largest film production hubs over the past decade, with large studios in Vancouver and nearby Burnaby earning the region the nickname "Hollywood North."
How the skyline was shaped
Vancouver’s dense skyline has 72 buildings of 30 storeys or higher, topped by the 62-floor Shangri-La Hotel, now called the Hyatt Vancouver Downtown Alberni.
The city's building boom started in the mid-1960s, with many of its best-known office towers, such as TD Tower and Harbour Centre, finished in the 1970s.
Since the 1980s, downtown urban planning has been strongly influenced by the philosophy of "Vancouverism" — a concept that encourages mixed-use developments and narrow residential skyscrapers on top of commercial podiums near public transit.
Most high-rise construction in the city has been residential since the 1990s, including condominiums and purpose-built apartments.
Multinational companies
Several U.S. and global Fortune 500 companies, mainly in the technology, logistics and resources sectors, have a large presence in Vancouver.
Major companies with large Vancouver offices include Amazon, Microsoft, Salesforce and Mastercard. The city also hosts headquarters for global apparel chain Lululemon, outdoor gear retailer Arc'teryx and fashion retailer Aritzia.
Prominent technology firms with headquarters include Hootsuite and Telus Corp., while Jim Pattison Group, the namesake firm owned by the Canadian billionaire, is a Vancouver-based conglomerate that spans media, financial services and consumer goods, making it one of Canada’s largest privately held companies, employing over 48,000 people at TV and radio stations, food brands and dealerships.
Real estate
Favourable immigration rules and proximity to top-tier universities have helped position Vancouver as a gateway for U.S. tech and life science firms expanding into Canada.
The city boasts one of the lowest office vacancy rates in North America, with trophy buildings in high demand for leasing and investment. Vancouver’s broader commercial real estate market is rebounding from a period of economic uncertainty, led by gains in the office and industrial property sectors.
Hotel construction activity has recently accelerated, positioning Vancouver as one of the most active hotel development centers in the country.
Driving the building boom is the region's prolonged hotel room shortage, exacerbated when many hotels were closed during the pandemic. Now, 10 hotels with nearly 1,700 rooms are under construction — with four expected to open in time to capitalize on visitor demand generated by the Cup.
Vancouver's retail sector has been resilient, with vacancy falling to near-record lows in recent years. Rising consumer confidence and steady demand for prime retail space could signal a resurgence for both shopping and property investment in downtown Vancouver and other area retail hubs.
Sports venue
The seven World Cup matches in Vancouver will be played at BC Place Stadium, Vancouver's largest sports venue, built in 1983 with a capacity of 54,500 seats.
The stadium, which has one of the world's largest retractable roofs, is home to the BC Lions of the Canadian Football League, Vancouver Whitecaps FC of Major League Soccer, and the annual Canada Sevens of the World Rugby Sevens Series.
This year is not the first go-round for the World Cup and other international sporting events in Vancouver. Several matches of the 2015 FIFA Women's World Cup, including the finals, were played at BC Place. The 2010 Winter Olympics and Paralympics were held in Vancouver and Whistler, a resort community about 125 kilometres miles north of the city.