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Residential Land Sales Dominate Vancouver’s Commercial Real Estate Sector
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(Posted on Jun 9, 2016 at 01:00PM by Michelle Bogle)
Sales of residential land and apartment buildings dominated Vancouver’s record-setting commercial real estate market in the first quarter of this year.
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In fact, four out of the five top transactions in the $2.7 billion buying splurge during the first quarter involved residential land. In all, sales of residential land accounted for more than $1.3 billion and represented more than half of the total sales volume.
Industry experts believe that much of the land is being bought for higher-density zoning.
Industry experts believe that much of the land is being bought for higher-density zoning.
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In the commercial market, the overall dollar volume for property in the first three months of 2016 increased by 7% and set a record for the second quarter in a row. Residential land sales advanced 60% from the previous quarter.
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All of the top residential land sales in the first quarter are by developer acquisition and located in the city of Vancouver. They include the Omni Group’s $302 million purchase of the 24-acre Pearson Dogwood lands, a 1.3-acre site on West 8th Avenue that was bought by Delta Group for $70 million and one-third of an acre in Vancouver’s West End, which was snatched up by an unknown private investor for $59 million.
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Additionally, the sales of rental apartment buildings, totalling $243 million, were worth more than the sales of all Metro Vancouver office buildings and retail property combined in the first quarter.Â
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For more information regarding Vancouver land assets, please contact our office to speak with one of our skilled associates.Â
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