Both the total number of commercial real-estate sales and the total dollar value of all commercial transactions in the Lower Mainland were down in 2013’s second quarter, according to Real Estate Board of Greater Vancouver data released September 5.
There were 398 commercial real-estate sales in the Q2 2013 – a decrease of 26% compared with the 538 sales recorded one year ago.
The total dollar value of all commercial transactions was $1.022 billion in Q2. This is a 42% decline compared with 2012’s second quarter, and the lowest dollar value for a second quarter since 2009.
“Commercial real-estate activity in the Lower Mainland has picked up since the start of 2013, but remains about 25% below last year’s near record setting pace,” Sandra Wyant, REBGV president said.
“These declines are consistent with what we’re seeing in related areas of the economy such as employment, retail and manufacturing.”
The total commercial sales by category were:
- office and retail sales (138);
- industrial land sales (119);
- commercial land sales (115); and
- multi-family building sales (26).
