The commercial real estate market in the Lower Mainland remained active in the third quarter (Q3) of 2016, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).
There were 645 commercial real estate sales registered in the Lower Mainland in Q3 2016. This represents a 6.3 per cent increase from the 607 sales in Q3 2015.
The total dollar value of commercial real estate sales in the Lower Mainland in Q3 2016 was $2.399 billion, a 1.9 per cent decline from the $2.445 billion in Q3 2015.
“While we saw some declines in office and retail sales this quarter, overall demand in the commercial market remains steady thanks to healthy economic growth in our province so far this year,” said Dan Morrison, REBGV president. “It was the busiest third quarter in the last five years for sales in our commercial market.”
Q3 2016 activity by category
Land: There were 255 commercial land sales in Q3 2016, which is a 23.8 per cent increase from the 206 land sales in Q3 2015. The dollar value of land sales in Q3 2016 was $1.306 billion, a 46.4 per cent increase over $892 million in Q3 2015.
Office and Retail: There were 203 office and retail sales in Q3 2016, which is an 8.1 per cent decrease from the 221 sales in Q3 2015. The dollar value of office and retail sales in Q3 2016 was $438 million, a 45.4 per cent decrease from $802 million in Q3 2015.
Industrial: There were 153 industrial land sales in Q3 2016, which is up 15.9 per cent over the 132 sales in Q3 2015. The dollar value of industrial sales in Q3 2016 was $335 million, a 17.3 per cent increase over $286 million in Q3 2015.
Multi-Family: There were 34 multi-family sales in Q3 2016, which is a 29.2 per cent decrease from the 48 sales in Q3 2015. The dollar value of multi-family sales in Q3 2016 was $321 million, a 31.2 per cent decrease from $466 million in Q3 2015.
Owned and operated by the Real Estate Board of Greater Vancouver (REBGV), the Commercial EDGE system includes all commercial real estate transactions in the Lower Mainland region of BC that have been registered with the Land Title and Survey Authority of British Columbia. Commercial EDGE is updated monthly based on data originating from the BC Assessment Authority. Commercial EDGE does not include share sale transactions as they are not registered with the Land Title and Survey Authority of British Columbia.Please note that historical data may be subject to revision as transaction records are received from the Land Title and Survey Authority of British Columbia.
The REBGV is an association representing over 13,000 residential and commercial REALTORS® and their companies. It provides a variety of member services, including the Multiple Listing Service® and the Commercial Edge service. For more information on real estate, statistics, and buying or selling a property, contact a local REALTOR® or visit www.rebgv.org.
Craig Munn Manager, Communication
Real Estate Board of Greater Vancouver
Office and Retail properties are defined by the zoning according to each municipality and must have a building on the site. This category includes: Office, office condo, retail, retail condo, shopping centre, gas station, car dealerships, banks, community centres, day care, educational facility, institutional, golf courses, movie theatre, hotel, churches, restaurants, truck stops and others.
Industrial properties are also defined by the zoning according to each municipality and must have a building on the site. This includes warehouses, warehouse bays and multi-bay warehouses.
Multi-Family properties include: nursing homes, high rises, low rises, and any condo or townhome properties containing four or more units with at least one zoned for commercial use.
Vacant Land includes properties that are holding properties, farmland, garden centres, redevelopment sites, land assembly sites, vineyards, etc.