More Jobs, Higher Retail Sales, and Great Commercial Real Estate Opportunities in Vancouver, BC
Real Estate News for Vancouver
Demand for Lower Mainland Industrial and Land Properties Led a Steady Q3 2016
Tags:
(Posted on Dec 7, 2016 at 08:04PM by Michelle Bogle)
According to data from Commercial Edge, a system operated by the Real Estate Board of Greater Vancouver (REBGV), the commercial real estate market in the Lower Mainland remained highly active in Q3 2016, with industrial and land properties leading the way.Â
Â
Altogether, there were 645 commercial real estate sales registered across the Lower Mainland, which represents a 6.3% increase from the 607 sales from Q3 2015. That equates to a total dollar value of $2.399 billion – a 1.9% decline from the $2.445 billion in Q3 2015.Â
Â
“While we saw some declines in office and retail sales this quarter, overall demand in the commercial market remains steady thanks to healthy economic growth in our province so far this year,†said Dan Morrison, REBGV president in a press release. “It was the busiest third quarter in the last five years for sales in our commercial market.â€Â
Â
Here’s a closer look into the Q3 2016 commercial real estate activity by category:Â
Â
Multi-Family
There were 34 multi-family sales in Q3 2016, which is a 29.2% decrease from the 48 sales in Q3 2015. The dollar value of multi-family sales in Q3 2016 was $321 million – a 31.2% decrease from $466 million in Q3 2015.Â
Â
Office and Retail
There were 203 office and retail sales in Q3 2016, which is an 8.1% decrease from the 221 sales in Q3 2015. The dollar value of office and retail sales in Q3 2016 was $438 million – a 45.4% decrease from $802 million in Q3 2015.Â
Â
Industrial
There were 153 industrial land sales in Q3 2016, which is up 15.9% over the 132 sales in Q3 2015. The dollar value of industrial sales in Q3 2016 was $335 million – a 17.3% increase over $286 million in Q3 2015.Â
Â
Land:Â
There were 255 commercial land sales in Q3 2016, which is a 23.8% increase from the 206 land sales in Q3 2015. The dollar value of land sales in Q3 2016 was $1.306 billion – an impressive 46.4% increase over $892 million in Q3 2015.Â
Â
As the data shows, demand for industrial and land properties was the driving force in Q3 2016, with multi-family assets experiencing a decline, followed by marginal gains in the office and retail classes. Land and industrial assets are proving to be very popular across the Lower Mainland, especially amongst certain industries, including film and television, which is currently dominating Metro Vancouver’s industrial leasing sector.
Â
For a deeper look into the Q3 2016 results, please click here or contact our Vancouver office to speak with a commercial real estate advisor. To view active listings in Marcus & Millichap’s Property Search Portal, please visit our website for more information.
Powered by Webstager