The third quarter of 2014 was the least active of the year so far in the Lower Mainland’s commercial real estate market.
This is according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).
The total dollar value of commercial sales in the region was $1.2 billion in the third quarter (Q3) of 2014, a 30.4 per cent decline from Q3 2013. This is the lowest quarterly dollar value in the region since Q1 2013.
There were 404 commercial real estate sales in the Lower Mainland in Q3 2014, according to Commercial Edge. This is a 16 per cent decline compared to the 481 sales recorded in Q3 2013, a 15.5 per cent decline from the 478 sales recorded in Q3 2012, and an 18.4 per cent decline from the 495 sales recorded over the same period in 2011.
“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,” Ray Harris, REBGV president said.
Q3 2014 activity by category
Land: There were 141 commercial land sales registered with the Land Title and Survey Authority of BC (LTSA) in the Lower Mainland in Q3 2014, a 7.2 per cent decline from the 152 land sales in Q3 2013. The dollar value of land sales in Q3 2014 was $553 million, down 17.7 per cent from $672 million in Q3 2013.
Office and Retail: There were 139 office and retail sales in the Lower Mainland in Q3 2014, a 23.6 per cent decline from the 182 office and retail sales in Q3 2013. The dollar value of office and retail sales in Q3 2014 was $387 million, a 38.5 per cent decline from $629 million in Q3 2013.
Industrial: There were 99 industrial land sales in the Lower Mainland in Q3 2014, which is down 15.4 per cent from the 117 industrial land sales in Q3 2013. The dollar value of industrial sales in Q3 2014 was $156 million, a 49.7 per cent decline from $310 million in Q3 2013.
Multi-Family: There were 25 multi-family sales in the Lower Mainland in Q3 2014, which is down 16.7 per cent from the 30 sales in Q3 2013. The dollar value of multi-family sales in Q3 2013 was $118 million, a 12 per cent decline from $134 million in Q3 2013.
