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commercial real estate services local vancouverTwenty-sixteen was a milestone year for commercial real estate transactions across the Lower Mainland with demand for land being one of the key drivers of sales and dollar value growths.
 
In total, there were 2,848 commercial real estate sales in the region last year – a 21 percent increase over the 2,353 sales in 2015. Commercial real estate sales in 2016 were also 29.7 percent above the Lower Mainland’s five-year sales average. The total dollar value of commercial real estate sales was $12.990 billion in 2016 – a 47.4 percent increase from the $8.815 billion total in 2015. 
 
Here’s a closer look at the numbers by category:
 
Land
There were a record 1,177 commercial land sales in 2016, which is a 41 percent increase from the 835 land sales in 2015. The dollar value of last year’s land sales was $7.202 billion, which equates to an 81.3 percent increase over $3.973 billion in 2015. 
 
Office and Retail
There were a record 918 office and retail sales in the Lower Mainland in 2016, which is up 12.8 percent from the 814 sales in 2015. The dollar value of last year’s office and retail sales was $3.621 billion; a 46.9 percent increase over $2.466 billion in 2015. 
 
Industrial
There were 612 industrial land sales in the Lower Mainland in 2016, which is up 9.9 percent over the 557 sales in 2015. The dollar value of last year’s industrial sales was $1.067 billion – a 3.4 percent increase over $1.032 billion in 2015. 
 
Multi-Family
There were 141 multi-family land sales in the Lower Mainland in 2016, which is down 4.1 percent based on the 147 sales in 2015. The dollar value of last year’s multi-family sales was $1.100 billion; an 18.2 percent decrease from $1.345 billion in 2015. This is the only category to not experience any growth last year.
 
For full details about the region’s commercial real estate activity in 2016, please click here.

Interested in learning more? If so, please comment below with your questions or contact our Vancouver office to speak with one of our knowledgeable commercial real estate advisors.
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