Commercial sales in the Lower Mainland reached a five-year third-quarter high between July and September of this year thanks to increased demand for land and office and retail properties, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).
There were 550 commercial real estate sales in the Lower Mainland in the third quarter (Q3) of 2015. This is a 16.8 per cent increase compared to the 471 sales recorded in Q3 2014, a 13.2 per cent increase from the 486 sales recorded in Q3 2013, and a 14.8 per cent increase from the 479 sales recorded over the same period in 2012.
The total dollar value of commercial sales in the region was $1.9 billion in Q3, a 33.6 per cent increase from Q3 2014.
“We’ve seen steady demand in our commercial real estate market throughout 2015,” Darcy McLeod, REBGV president said. “Commercial activity in the Lower Mainland is benefiting from the strength of our provincial economy, which has outperformed the rest of the country for much of the year.”
Q3 2015 activity by category
Land: There were 192 commercial land sales registered with the Land Title and Survey Authority of BC (LTSA) in the Lower Mainland in Q3 2015, a 28.9 per cent increase from the 149 land sales in Q3 2014. The dollar value of land sales in Q3 2015 was $839 million, up 47.5 per cent from $569 million in Q3 2014.
Office and Retail: There were 215 office and retail sales in the Lower Mainland in Q3 2015, a 16.8 per cent increase from the 184 office and retail sales in Q3 2014. The dollar value of office and retail sales in Q3 2015 was $512 million, a 6.2 per cent decline from $546 million in Q3 2014.
Industrial: There were 112 industrial land sales in the Lower Mainland in Q3 2015, which is unchanged from the 112 industrial land sales in Q3 2014. The dollar value of industrial sales in Q3 2015 was $242 million, a 49.1 per cent increase from $162 million in Q3 2014.
Multi-Family: There were 31 multi-family sales in the Lower Mainland in Q3 2015, which is up 19.2 per cent from the 26 sales in Q3 2014. The dollar value of multi-family sales in Q3 2015 was $283 million, a 123 per cent increase from $127 million in Q3 2014.
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