New retail space in Richmond is selling for up to $1,035 per square foot in and, overall, retail is the highest price commercial real estate on the Metro Vancouver market, according to a study by appraiser Bramwell & Associates Realty Advisors. In the City of Vancouver, new retail space is selling for $599 per square foot.
The survey of strata properties sold through the Real Estate Board of Greater Vancouver shows that the highest prices achieved for new office space this year is $543 per square foot, also in Richmond, while the typical new industrial space across the Metro region sold for around $200 per square foot.
On the resale market, retail also demanded premium prices, noted company president Jeremy Bramwell, often in excess of $500 per square foot.
The exception is an office development in New Westminster, specifically designed for the medical community, which posted average prices of $665 per square foot.
