Commercial Real Estate

sales down, values up in 2017

Commercial real estate sales activity in the Lower Mainland declined from the record highs of one year ago and remained above the region’s long-term historical sales average in 2017.

There were 2,591 commercial real estate sales in the Lower Mainland in 2017, a 10.4 per cent decrease from the record 2,891 sales in 2016, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).

Commercial real estate sales in 2017 were 11.1 per cent above the region’s five-year sales average.

The total dollar value of commercial real estate sales in the Lower Mainland was $15.733 billion in 2017, a 14.5 per cent increase from $13.746 billion in 2016.

“While commercial sales declined from the record pace of 2016, the total dollar value of the activity continued to rise,” said Jill Oudil, REBGV president. “The strong economic and employment growth in our province last year helped drive our commercial real estate market in 2017.”

Activity by category in 2017

Land: There were 1,061 commercial land sales in 2017, which is an 11.3 per cent decrease from the 1,196 land sales in 2016. The dollar value of land sales was $8.708 billion in 2017, a 15.5 per cent increase from $7.537 billion in 2016.

Office and Retail: There were 888 office and retail sales in the Lower Mainland in 2017, which is down 3.8 per cent from the 923 sales in 2016. The dollar value of office and retail sales was $4.464 billion in 2017, a 15 per cent increase from $3.883 billion in 2016.

Industrial: There were 527 industrial land sales in the Lower Mainland in 2017, which is down 15.8 per cent from the 626 sales in 2016. The dollar value of industrial sales was $1.238 billion in 2017, a three per cent increase from $1.202 billion in 2016.

Multi-Family: There were 115 multi-family land sales in the Lower Mainland in 2017, which is down 21.2 per cent over the 146 sales in 2016. The dollar value of multi-family sales was $1.324 billion in 2017, a 17.8 per cent increase from $1.124 billion in 2016.

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