Office and retail activity drive commercial real estate sales in the Lower Mainland

A record number of office and retail sales kept the Lower Mainland’s commercial real estate market trending above long-term averages in the second quarter of 2015, 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 $1.9 billion in the second quarter (Q2) of 2015, a 41.2 per cent increase from Q2 2014.

There were 591 commercial real estate sales in the Lower Mainland in Q2 2015, according to Commercial Edge. This is a 16.1 per cent increase compared to the 509 sales recorded in Q2 2014, a 25.7 per cent increase from the 470 sales recorded in Q2 2013, and a 9 per cent increase from the 542 sales recorded over the same period in 2012.

“This has been the busiest quarter in terms of commercial sales in the last five years,” Darcy McLeod, REBGV president said.

Q2 2015 activity by category

 Land:

There were 191 commercial land sales registered with the Land Title and Survey Authority of BC (LTSA) in the Lower Mainland in Q2 2015, a 13.7 per cent increase from the 168 land sales in Q2 2014. The dollar value of land sales in Q2 2015 was $937 million, up 47.7 per cent from $634 million in Q2 2014.

Office and Retail:

There were 235 office and retail sales in the Lower Mainland in Q2 2015, a 21.1 per cent increase from the 194 office and retail sales in Q2 2014. The dollar value of office and retail sales in Q2 2015 was $575 million, a 74.2 per cent increase from $330 million in Q2 2014.

Industrial:

There were 135 industrial land sales in the Lower Mainland in Q2 2015, which is a 13.4 percent increase compared to the 119 industrial land sales in Q2 2014. The dollar value of industrial sales inQ2 2015 was $226 million, a 69.8 per cent increase from $133 million in Q2 2014.

Multi-Family:

There were 30 multi-family sales in the Lower Mainland in Q2 2015, which is up 7.1 percent from the 28 sales in Q2 2014. The dollar value of multi-family sales in Q2 2015 was $162 million, a 34.5 per cent decline from $247 million in Q2 2014.

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