AI & The Future of Work

AI & The Future of Work

Artificial intelligence (AI) is no longer just a buzzword; it’s shaping the future of work, business, and technology at an incredible pace. As AI continues to grow, it’s creating new opportunities and challenges for companies, workers, and the spaces they work in. Here’s how AI is changing the game and what it means for Vancouver’s tech scene. 

AI Is Changing Jobs, Not Just Taking Them

AI is expected to be a powerful driver of job growth, similar to how mobile internet sparked the app economy over a decade ago. While AI will likely replace some tasks—Forrester predicts it could automate 2.4 million U.S. jobs by 2030—it’s also set to create entirely new opportunities.

In fact, AI is expected to transform or enhance over 11 million roles, pushing workers to embrace new skills and technology. History shows this is nothing new. A study by MIT revealed that 60% of jobs in 2018 didn’t even exist in 1940. New industries and roles will emerge, driven by AI’s ability to innovate, accelerate and expand businesses.

Record Investments Signal AI’s Rise

The numbers speak for themselves. In the U.S., $22.6 billion in venture capital was poured into AI startups—the highest amount since 2019. AI now accounts for 35% of total U.S. venture capital funding, nearly double its share in 2023. But startups aren’t the only players driving this momentum. Big tech companies across the U.S. are set to spend $1 trillion on AI development and infrastructure between 2024 and 2027, fueling the race for innovation. AI is propelling tech companies (and more traditional businesses) to new places we only dreamed of a few years ago.

This surge in investment is creating a ripple effect, with AI job postings skyrocketing from 9% of tech roles in 2023 to 21% by mid-2024. Demand isn’t just for developers—industries need project managers, data analysts, and innovators to harness AI’s potential.

 Vancouver: A Growing AI Hub

Vancouver’s tech industry is on the rise, with 71,200 people working in high-tech software and services. In the first half of 2024, the city saw $150 million in venture capital investments across 26 deals—$45.5 million of that went to AI-focused projects. These numbers have earned Vancouver a spot in the top 30 North American cities for tech job growth in our latest Tech-30 Report.

AI’s Influence on the Office Market

AI is also shaping how companies think about their workspaces. With hybrid work becoming the norm, the demand for high-quality, flexible office spaces is on the rise. Tech companies are prioritizing modern offices designed to foster collaboration, innovation, and productivity—key factors in attracting top talent. So while AI has helped employees work from anywhere, it has also emphasized the importance of face to face collaboration to innovate, build new ideas and exchange new skills in the workplace.

The Future Is Bright

AI isn’t just about automation; it’s about opportunity. From creating new jobs to inspiring groundbreaking innovations, AI is reshaping the way businesses and cities like Vancouver grow and thrive. For companies and workers ready to embrace the future, the possibilities are endless. Vancouver is also well poised to capitalize on the West Coast effects of US based companies looking to expand and hire top talent, of which Vancouver has proven to be a key market for some big tech players.

Curious about Vancouver’s tech scene or looking for a new office space to take your business to the next level? Contact us, Alain, Blair, Kevin, or Andre from The High Technology Facilities Group for expert insights and tailored solutions.

Visit our new website here, TheHTFG.com

To get your copy of the Tech-30 Report, click here.