Sales activity in the Lower Mainland’s commercial real estate market declined in the second quarter (Q2) of 2019 compared to the more active market experienced in the region last year.

There were 407 commercial real estate sales in the Lower Mainland in Q2 2019, a 32.6 per cent decrease over the 604 sales in Q2 2018, 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 real estate sales in the Lower Mainland was $1.463 billion in Q2 2019, a 65.6 per cent decrease from the $4.253 billion in Q2 2018.

“The reduced activity in the commercial market has largely mirrored what we saw in the residential market through the first half of 2019,” Ashley Smith, REBGV president said. “Residential demand did pick up in the summer months. How this change will affect the commercial market remains to be seen.”

Land: There were 103 commercial land sales in Q2 2019, which is a 54.8 per cent decrease from the 228 land sales in Q2 2018. The dollar value of land sales was $738 million in Q2 2019, a 69.1 per cent decrease from $2.388 billion in Q2 2018.

Office and Retail: There were 179 office and retail sales in the Lower Mainland in Q2 2019, which is down 12.3 per cent from the 204 sales in Q2 2018. The dollar value of office and retail sales was $367 million in Q2 2019, a 57.8 per cent decrease from $870 million in Q2 2018.

Industrial: There were 112 industrial land sales in the Lower Mainland in Q2 2019, which is down 15.8 per cent from the 133 sales in Q2 2018. The dollar value of industrial sales was $206 million in Q2 2019, a 49.9 per cent decrease from $412 million in Q2 2018.

Multi-Family: There were 13 multi-family land sales in the Lower Mainland in Q2 2019, which is down 66.7 per cent over the 39 sales in Q2 2018. The dollar value of multi-family sales was $152 million in Q2 2019, a 73.9 per cent decrease from $583 million in Q2 2018.

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 14,000 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
604-730-3146
cmunn@rebgv.org

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.

Land includes properties that are holding properties, farmland, garden centres, redevelopment sites, land assembly sites, vineyards, etc.