Commercial Real Estate Sales Down

banner
September 13, 2018

Commercial real estate sales down, prices up in the Lower Mainland

The commercial real estate market in the Lower Mainland continued to see fewer transactions in the second quarter (Q2) of 2018 compared to recent years.

There were 569 commercial real estate sales in the Lower Mainland in Q2 2018, a 16.3 per cent decrease over the 680 sales in Q2 2017, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).

The total dollar value of commercial real estate sales in the Lower Mainland was $4.047 billion in Q2 2018, a 13.4 per cent increase over $3.570 billion in Q2 2017.

“Similar to our residential market in recent months, we’re starting to see fewer transactions across all categories in our commercial market,” Phil Moore, REBGV president said. “Higher interest rates, reduced retail activity, and other economic factors are contributing to this change.”

Q2 2018 activity by category

Land: There were 217 commercial land sales in Q2 2018, which is a 16.5 per cent decrease from the 260 land sales in Q2 2017. The dollar value of land sales was $2.287 billion in Q2 2018, a 24.6 per cent increase over $1.836 billion in Q2 2017.

Office and Retail: There were 192 office and retail sales in the Lower Mainland in Q2 2018, which is down 20 per cent from the 240 sales in Q2 2017. The dollar value of office and retail sales was $813 million in Q2 2018, a 19.7 per cent decrease from $1.013 billion in Q2 2017.

Industrial: There were 126 industrial land sales in the Lower Mainland in Q2 2018, which is down 6.7 per cent from the 135 sales in Q2 2017. The dollar value of industrial sales was $0.387 billion in Q2 2018, a 23.9 per cent increase over $313 million in Q2 2017.

Multi-Family: There were 34 multi-family land sales in the Lower Mainland in Q2 2018, which is down 24.4 per cent from the 45 sales in Q2 2017. The dollar value of multi-family sales was $559 million in Q2 2018, a 37 per cent increase over $408 million in Q2 2017.

Click here to download the full package.

Comments:
No comments

Post Your Comment:

* indicates required fields.
Your Name: *
Please note, your email will not be shown publicly
Your Email (will not be published): *
Comment: *
Please type the text as it appears above: