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Lower Mainland Commercial Real Estate Sales Reached Five-Year Record High in 2015
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(Posted on Mar 18, 2016 at 06:00AM by Michelle Bogle)
Vancouver’s commercial real estate sector ended 2015 very strong. It was a year that saw great sales growth in land, office and retail, industrial and multi-family categories.
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In fact, according to the Real Estate Board of Greater Vancouver, there was a total of 2,307 commercial real estate sales in the Lower Mainland in 2015 – a solid 16% increase over the 1,985 sales in 2014.
Commercial real estate sales in 2015 were also 15% higher than the region’s five-year sales average. At the end of 2015, the total dollar value of commercial real estate sales in the Lower Mainland was $8.389 billion – a 33% increase from the previous year’s $6.273 billion total.
Commercial real estate sales in 2015 were also 15% higher than the region’s five-year sales average. At the end of 2015, the total dollar value of commercial real estate sales in the Lower Mainland was $8.389 billion – a 33% increase from the previous year’s $6.273 billion total.
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2015 Vancouver Commercial Real Estate Sales Breakdown By Category
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Land
There were 819 commercial land sales in 2015 – up 26% from the 650 land sales in 2014. The dollar value of 2015 land sales was $3.825 billion – up 21% from 2014’s $3.139 billion.Â
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Office and Retail
There were 807 office and retail sales in 2015 – up 6% from the 757 sales in 2014. The dollar value of 2015 office and retail sales was $2.364 billion – up 40% from 2014’s $1.678 billion.
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IndustrialÂ
There were 545 industrial land sales in 2015 – 15% from the 471 sales in 2014. The dollar value of 2015 industrial sales was $988 million – up 20% from 2014’s $823 million.
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Multi-Family
There were 136 multi-family land sales in 2015 – up 27% from the 107 sales in 2014. The dollar value of 2015 multi-family sales was $1.210 billion – up 91% from 2014’s $631 million.
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As you can see, 2015 was an extremely solid year for Vancouver’s commercial real estate sales. Overall, these numbers represent our city’s strong economy and real estate growth in the province.
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To learn more about the Lower Mainland commercial real estate market and how you can partner with Marcus & Millichap, please contact our Vancouver office for more information.Â
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