An upswing in vacant land transactions helped the commercial real market maintain a steady pace in line with historical activity in the Lower Mainland, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).
The total dollar value of commercial sales in the region was $1.4 billion in the first quarter (Q1) of 2014, a 45.5 per cent increase from Q1 2013. This is the second highest Q1 dollar value total in the last five years.
There were 441 commercial real estate sales in the Lower Mainland in Q1 2014, according to Commercial Edge. This is a 14.2 per cent increase compared to the 386 sales recorded in Q1 2013, a 9.1 per cent decline from the 485 sales recorded in Q1 2012, and a 0.5 per cent increase from the 439 sales recorded over the same period in 2011.
“After a strong 2013, office and retail activity declined in the first quarter while vacant land transactions in the Lower Mainland outsold all other commercial categories over this period,” Ray Harris, REBGV president, said.
Q1 2014 activity by category
Land:There were 160 commercial land sales registered with LTSA in the Lower Mainland in Q1 2014, up 73.9 per cent from the 92 land sales in Q1 2013. The dollar value of land sales in Q1 2014 was $698 million, up 96.7 per cent from $355 million in Q1 2013.
Office and Retail: There were 144 office and retail sales in the Lower Mainland in Q1 2014, a 9.4 per cent decline from the 159 office and retail sales in Q1 2013. The dollar value of office and retail sales in Q1 2014 was $365 million, a 38.3 per cent increase from $264 million in Q1 2013.
Industrial: There were 109 industrial land sales in the Lower Mainland in Q1 2014, which is unchanged from the 110 industrial land sales in Q1 2013. The dollar value of industrial sales in Q1 2014 was $227 million, an 11.7 per cent decline from $257 million in Q1 2013.
Multi-Family: There were 28 multi-family sales in the Lower Mainland in Q1 2014, which is up 12 per cent from the 25 sales in Q1 2013. The dollar value of multi-family sales in Q1 2013 was $129 million, a 30.4 per cent increase from $99 million in Q1 2013.