Activity in the Lower Mainland’s commercial real estate market edged down in the second quarter (Q2) of 2022 from the brisk sales pace experienced at the start of the year.
Office and retail: There were 143 office and retail sales in the Lower Mainland in Q2 2022, which is down 48.9 per cent from the 280 sales in Q2 2021. The dollar value of office and retail sales was $649 million in Q2 2022, a 25.4 per cent decrease from $870 million in Q2 2021.
Land: There were 221 commercial land sales in Q2 2022, which is a 9.1 per cent decrease from the 243 land sales in Q2 2021. The dollar value of land sales was $1.67 billion in Q2 2022, a 9.9 per cent decrease from $1.85 billion in Q2 2021.