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% compared with the 2,891 sales in 2016. Sales remained 11.1% above the five-year average.
While the number of sales fell, the total dollar value of all sales increased 14.5% 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% year-over-year, reaching 1,061 units, while the total dollar value increased 15.5% to $8.7 billion. Office and retail sales fell 3.8% to 888 units, and the dollar value grew 15%, reaching almost $3.9 billion. Industrial land sales fell 15.8% to 527 units, and the dollar value increased 3% to $1.2 billion. Multi-family unit sales fell 21.2% to 115 units, and the total dollar value increased 17.8% to $1.3 billion.
@EmmaHampelBIV
