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Now that successful redevelopment of the riverfront in Vancouver has made that area a landmark destination, more of Southwest Washington awaits attention.

The region鈥檚 potential was discussed during a Builder Breakfast panel hosted by the Daily Journal of Commerce on Thursday. Market and city leaders focused on the future prospects of Vancouver and Clark County.

Vancouver, which occupies approximately 52 square miles, has around 200,000 residents (making it the fourth-largest city in Washington) 鈥� and that population is expected to grow in the coming years. Clark County boasts a population of 515,000 and is home to some of the region鈥檚 largest and most prominent employers, including ZoomInfo.

鈥淥ur goal is really to help transition Vancouver from, you know, what was largely thought of as a suburban community into a real urban center,鈥� said panelist Patrick Quinton, director of economic prosperity and housing development with the city of Vancouver.

One of the city鈥檚 major investments is the , a new mixed-use neighborhood that will be part of the Tower Mall development about two miles east of downtown Vancouver. Situated on one of the highest points in the city, the Heights District features a 63-acre master plan that calls for 1.58 million square feet of housing, commercial space, office space, hotels, multipurpose developments, and two new public amenities 鈥� an urban plaza and a neighborhood park. The district is part of a larger 205-acre project.

鈥淩eally, it鈥檚, I think, the most ambitious project that the city has undertaken that includes the waterfront, which was a great public-private partnership,鈥� Quinton said.

It鈥檚 the future of the city, he said, adding that Vancouver needs to prove that it can generate significant dense, urban development in areas outside downtown that are green, inclusive, and affordable.

Panelist Kristin Hammond, senior vice president of Coldwell Banker Richard Ellis (CBRE), said that Vancouver, Clark County, and the broader area has become a greater part of the conversation with clients on where to buy now than in the past 10 years. This is partially due to people mostly from California and some from Oregon looking to move into Washington for tax benefits as well as school systems. The latter plays a major factor when employers are looking at where to move their employees, she added.

Additionally, when it comes to getting something built and permitted, the city of Vancouver has been much easier and faster than Portland, Hammond said, in part, perhaps because Portland staffers must deal with about 30 million square feet of buildings. But when clients have tight timelines and cost objectives, Clark County usually pencils out better, she added.

The expedited decision-making by some clients is largely driven by the pandemic, which caused delays in their plans and resulted in the need to catch up. Quick deliveries have become crucial in today鈥檚 market to meet the growing demand. Downtown Vancouver currently has a low vacancy rate of 5.5 percent, in contrast to the 27 percent rate in downtown Portland. The shortage of available inventory in downtown Vancouver has led to rising rates due to increased demand.

The pandemic-induced shift toward a hub-and-spoke model of work, stemming from hybrid work arrangements, has further influenced the real estate landscape. Instead of maintaining large, concentrated footprints in one location, businesses are opening smaller offices where their employee bases live or where there is a business opportunity.

Vancouver has become the number one beneficiary of that shift, Hammond said. If companies have a big presence in downtown Portland, they鈥檙e likely downsizing and opening a 10,000-to-20,000-square-foot space in Vancouver if enough of their employees live there.

Considering the potential construction work in Southwest Washington, panelist Tim Johnson, executive vice president and general manager of Skanska USA Building, said subcontractors and general contractors will need to align themselves with Vancouver鈥檚 climate action plan, which aims to reduce greenhouse gas emissions by 80 percent by 2030 and achieve carbon neutrality in both municipal operations and the Vancouver community by 2040.

Vancouver provides services, like utility and fire protection, to around 75,000-80,000 people in Clark County. Washington state law allows the city to pursue annexation, Quinton said.

鈥淎t some point in our lifetimes, we’ll be closer to 300,000 people, if not bigger,鈥� he added. 鈥淪o, at that point, we鈥檙e (Vancouver) in the top 60 cities in the United States.鈥�