A strong finish to 2013 kept sales activity in the Lower Mainland’s commercial real estate market in line with historical averages.
There were 470 commercial real estate sales in the Lower Mainland in the fourth quarter (Q.4) of 2013. This is the second highest selling Q.4 in the region over the last five years.
In all, there were 1,799 commercial real estate sales in the Lower Mainland in 2013. This is 7.5 per cent below the 1,945 sales* in 2012, 7.2 per cent below the 1939 sales recorded in 2011, and 4.4 per cent above the 1,723 sales recorded in 2010.
Commercial real estate sales in 2013 were 3.5 per cent above the region’s five-year sales average.
“Commercial real estate activity picked up in the Lower Mainland in 2013 after a slow first quarter,” said REBGV President Ray Harris. “Office and retail continue to be the most active category within our commercial real estate market.”
The total dollar value of commercial real estate sales in the Lower Mainland in 2013 exceeded $5.5 billion in 2013, which is below the $5.6 billion total in 2012.
2013 activity by category
Land: There were 517 commercial land sales in the Lower Mainland in 2013, which is a 15.5 per cent decline from the 612 land sales in 2012. The dollar value of last year’s land sales was $2.196 billion, a 4.2 per cent increase from 2012.
Office and Retail: There were 704 office and retail sales in the Lower Mainland in 2013, which is up 2 per cent from the 690 office and retail sales in 2012. The dollar value of last year’s office and retail sales was $1.850 billion, a decline of 15.1 per cent from 2012.
Industrial: There were 478 industrial land sales in the Lower Mainland in 2013, which is down 11.2 per cent from the 538 industrial land sales in 2012. The dollar value of last year’s industrial sales was $919 million, an 11.6 per cent increase from 2012.
Multi-Family: There were 100 multi-family land sales in the Lower Mainland in 2013, which is down 4.8 per cent from the 105 multi-family sales in 2012. The dollar value of last year’s land sales was $549 million, a 1.1 per cent decline from 2012.
