The Lower Mainland’s high-flying commercial real estate market came down to earth with a thud in the third quarter of 2014, dropping 30.4% in total dollar volume from a year earlier and posting the lowest three-month sales volume since the start of 2013.
The total dollar volume in the third quarter was $1.2 billion, while the 404 commercial real estate sales was down 16% when compared with the third quarter of 2013, reports the Real Estate Board of Greater Vancouver (REBGV) in its Commercial Edge survey. Sales were also down 15.4% from the same period in 2012.
“Our commercial real estate market was quieter this quarter than we’ve seen so far this year, although 2014 activity, overall, continues to keep pace with 2013 levels,” said Ray Harris, REBGV president.
Land accounted for nearly a quarter of all commercial real estate sales and half the total dollar volume, with 141 transactions, worth a total of $553 million. Still, the total dollar volume for land sales was down 17.7% from a year earlier.
Office and retail properties posted 139 sales, down 23.6% from a year earlier, while sales of industrial properties fell 15.4% from the same period in 2013, to 99 units.
Sales rental apartment buildings were down 16.7% to 25 buildings in the third quarter compared to a year earlier, and the total dollar volume slipped 12% to $118 million.
The statistics are gleaned from the Land Title and Survey Authority of BC in the Lower Mainland.
