Commercial real estate sales in the Lower Mainland were down 10.4% in 2017 compared to the record highs of 2016, but with 2,591 recorded activity remained above long-term averages.
Figures from the Real Estate Board of Greater Vancouver’s Commercial Edge show that sales were 11.1% above the 5-year sales average.
Values remained strong with the total dollar value of CRE sold reaching $15.733 billion in 2017, a 14.5 per cent increase from $13.746 billion in 2016.
“While commercial sales declined from the record pace of 2016, the total dollar value of the activity continued to rise,” said Jill Oudil, REBGV president. “The strong economic and employment growth in our province last year helped drive our commercial real estate market in 2017.”
Sales of four major CRE components were lower, with an 11.3% decrease in commercial land sales (1,061), 3.8% decrease in office and retail (888), 15.8% decrease in industrial land (527), and 21.2% decrease in multi-family land (115).