Commercial investment in the Vancouver market has reached $3.4 billion this quarter (Q1 2017) – the highest first quarter transaction dollar volume ever recorded.
Altus Group, a commercial real estate data company, released transaction statistics detailing 498 investment sales this quarter, up 8 per cent over last quarter. However, sales are down compared to Q2 2016 peak-market numbers. The second quarter of 2016 saw an all time high of 860 transactions.
Residential land sales accounted for nearly a third of a total dollar volume in Q1 2017. Retail and office investment reached record levels of sales, according to Altus. Both sectors combined account for nearly 40 per cent of all property transactions, lead primarily by three of the quarter’s four priciest sales:
- Oakridge Centre, Vancouver: a 50% interest of $480,661,162.
- Waterfront Centre, Vancouver: a 50% portion of a larger portfolio; $182,450,000
- Granville Square, Vancouver: a 50% portion of a larger portfolio; $157,500,000
- Arbutus Manor, Vancouver: a retirement home, classified as Residential Land; 3.93 acres, $115,000,000.
The four sales have a combined value of $935.6 million.
“A handful of high value and high quality assets took some of the spotlight off of the pure land markets in the first quarter,” said Paul Richter, director of data solutions at Altus Group. “The interest in future residential land development, however, remains relatively strong.”
