There were 2,591 sales of commercial real estate across the Lower Mainland last year, according to new data from the Real Estate Board of Greater Vancouver.
This is a decline of 10.4 per cent compared with the 2,891 sales in 2016. Sales remained 11.1 per cent above the five-year average.
While the number of sales fell, the total dollar value of all sales increased 14.5 per cent to $15.7 billion in 2017, compared with $13.7 billion in 2016.
“The strong economic and employment growth in our province last year helped drive our commercial real estate market in 2017,” said Jill Oudil, president of the REBGV.
Sales of all categories of commercial real estate fell last year. Land sales dropped 11.3 per cent year-over-year, reaching 1,061 units, while the total dollar value increased 15.5 per cent to $8.7 billion. Office and retail sales fell 3.8 per cent to 888 units, and the dollar value grew 15 per cent, reaching almost $3.9 billion. Industrial land sales fell 15.8 per cent to 527 units, and the dollar value increased 3 per cent to $1.2 billion. Multi-family unit sales fell 21.2 per cent to 115 units, and the total dollar value increased 17.8 per cent to $1.3 billion.
