Interest Rates Low for Q3 in Vancouver, BC
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Commercial Real Estate Facts and Figures for Vancouver, BC
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(Posted on Nov 25, 2018 at 02:54PM by Danielle Smyth)
According to a recent report, commercial development in Vancouver, BC, has slowed slightly in the first half of 2018, but it had previously hit a high last year. In 2017, a record $14.5 billion in real estate sales were recorded. Of that, $9 billion were land sales. This latter group is expected to remain strong throughout the rest of this year.In 2018, real estate sale numbers are a bit slower, likely due in part to the lack of continued commercial availability in such large quantities. This year so far, office sales have only posted one-third of the level that they did in 2017. In fact, about 1.3 million square feet of new office space was added to the Vancouver market in the past 8 quarters, but this is “less than half the amount added in the previous eight quarters,†according to the report. Retail sales have decreased by 11 percent so far this year.
For investors, though, all is not lost. Offsetting the declines outlined above, industrial and office transactions this year are up by $138 million and $124 million, respectively.
If you’re interested in learning more about opportunities for investment throughout Canada or about how large changes in the market might impact you, get in touch with Marcus & Millichap's Vancouver office. One of our experienced commercial real estate advisors will be happy to assist you.
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