B.C.'s commercial real estate market continues to show strength and stability due to limited supply, according to a survey by Avison Young Commercial Real Estate.
The report said that B.C. continues to trend above the national average, despite the U.S. economic downturn and global credit crunch. Strong economic fundamentals are driving demand as buyers continued to outnumber sellers.
Total value of office, industrial and retail investment transactions amounted to $535 million, up from $316 million in the first half of 2007. The total number of deals also rose to 38 in the first six months of the year, compared with 24 in the same period last year.
The average sale price of commercial property, however, fell to $14.1 million, from an average of $20.6 million last year. Private investors were the main buyers and sellers in the deals.