BCBusiness

S urrey is large and diverse, with a third of its residents under the age of 19 and a mix of cultures. B.C's second most populous city, it's expected to surpass Vancouver in size by 2030. Surrey stretches from the Fraser River to the U.S. border and covers 317 square kilometres, more than a third of that in the Agricultural Land Reserve. It has six town cen- tres, yet the part that receives the most attention is its north- west corner. That's because it's being transformed. The area for- merly known as Whalley has been renamed City Centre and is being redeveloped from a low-rise suburban neigh- bourhood to a metropolitan hub for business, technoloŠy and innovation. It has a new city hall, relocated from the geographical centre of Surrey; a dramatic public library and SFU campus designed by Bing Thom; and 3 Civic Plaza, a 52-storey mixed-use tower that includes a luxury Marriott hotel, condo residences and a 've-"oor Kwantlen Polytechnic University campus. And that's just for starters. With four SkyTrain stations providing access to Vancouver and points between, 'nancial institutions are using Surrey City Centre as a beachhead into the Fraser Valley. Coast Capital Savings and Westminster Savings moved their corpo- rate headquarters there, and Vancouver City Savings Credit Union has added 12,500 square feet of o–ce space. Innovation Boulevard, a partnership between the City of Surrey and SFU to grow health- tech innovation and commer- cialization, supports innovators from across the province through the BC Innovation Council's Venture Acceleration Network. There are also plans to include sectors such as smart city technoloŠy and cleantech, and not just in City Centre. Foresight Cleantech Accelerator Centre and Powertech Labs are already major anchors in Newton, the largest town centre, bordering Delta. Newton is also home to Skydance Studios, maker of movies in the Star Trek and Mission Impossible series and Net"ix's Altered Carbon, which purchased the former Paci'c Press building and built one of the world's longest and tallest sound stages. Skydance is injecting more than $100 million into the local and provincial economies and has created 400 jobs. The 'lm industry is also bringing eco- nomic spino›s to Cloverdale Town Centre, on the border of Langley, 'nding its small-town feel and agricultural heritage ideal for shooting locations. With swaths of farmland and acreages, plus charming Crescent Beach, South Surrey is the least urban part of the city. Until recently, Semiahmoo Town Centre was the main commercial area, but Grand- view Corners and Morgan Crossing, an open-air shopping district east of Highway 99 surrounded by mixed housing, is increasingly attracting local residents. —Felicity Stone F O R M O R E C I T I E S , S E E BcBUsInEss.cA/BccITYgUIdE S TA R T I N G M AY 1 0 ISTOCK MAy 2018 BCBusiness 41 Surrey the province's no. 2 urban centre is rapidly establishing itself as a business and tech player PeoPle populAtion: 527,547 HouseHolD Age (<45, 45-64, >64): 37%, 41.6%, 21.4% univeRsity gRADs: 17.6% AveRAge HouseHolD inCoMe: $103,195 AveRAge HouseHolD inCoMe unDeR 45: $95,772 HouSing AveRAge DetACHeD HoMe pRiCe: $1,112,617 AveRAge ConDoMiniuM pRiCe: $397,159 AveRAge MontHly Rent foR A two-beDRooM: $1,077 Work Key inDustRies: Construction; professional, scientific and technical services; film and television; retail RegionAl uneMployMent: 4% (february) BuSineSS totAl vAlue of builDing peRMits issueD in 2017: $1,506,900,142 CHAnge fRoM 2016: 2.6% MeDiAn Cost of A business liCenCe: $274.25 business pRopeRty tAx RAte: $6.32 per $1,000 of assessed value, municipal component only; $12.44 per $1,000 of assessed value, municipal plus component collected on behalf of other authorities AveRAge offiCe leAse RAte peR sQ. ft./yeAR: $21.84 AveRAge RetAil leAse RAte: $4.25-$45 Quality of life MAjoR ReCReAtionAl AMenities: More than 200 outdoor athletic facilities, including 14 artificial turf sport fields, 65 tennis courts and eight outdoor pools ResiDents wHo wAlK oR biKe to woRK: 1.6%

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