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Lower Mainland Commercial Real Estate Sales Reached 5-Year High in 2016
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(Posted on Mar 23, 2017 at 04:27PM by Michelle Bogle)
According to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV), demand for land helped commercial real estate sales and dollar values reach five-year highs across the Lower Mainland in 2016.
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Highlights:
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• In total, there were 2,848 commercial real estate sales last year, which equates to a 21 percent increase over the 2,353 sales in 2015.Â
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• Commercial real estate sales were also 29.7 percent above the region’s five-year sales average.Â
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• All totalled, the dollar value of commercial real estate sales in the Lower Mainland was $12.990 billion in 2016 – a 47.4 percent increase from the $8.815 billion total in 2015.Â
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“We saw steady activity across the commercial real estate market in 2016,†said Dan Morrison, REBGV President in a press release. “It’s no surprise that land sales had the largest increase last year given the supply shortages we’re experiencing in our residential and commercial markets today.â€Â
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Office and retail sales were also up in 2016 by 12.8 percent, with industrial sales making similar gains of 9.9 percent. Multi-family land sales, however, were down 4.1 percent from 2015 figures despite rising rents across the Lower Mainland.
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For more information about the region’s commercial real estate activity in 2016, or to view the press release, please click here.
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Questions? Feel free to contact our Vancouver office to speak with one of our commercial real estate advisors.
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