The dollar value of commercial property sales in the Lower Mainland increased in 2013’s third quarter, while the number of sales fell, according to the Real Estate Board of Greater Vancouver (REBGV).
Commercial property sales reached $1.4 billion in Q3 – an increase of 35.7% compared with the second quarter and 16.6% compared with 2012’s third quarter. The total number of sales fell, however, to 393 from 476 in the same period last year – a drop of 20.6%.
“The total dollar value of commercial sales increased in the Lower Mainland last quarter thanks in large part to activity in the office and retail sector,” said REBGV president Sandra Wyant.
“The total number of commercial sales in the region this year continues to trend behind what we saw between 2010 and 2012.”
The biggest driver behind the increase in the dollar value of commercial property sales was office and retail sales. While the number of sales fell 15.1% from 166 in Q3 2012 to 141 in the same period in 2013, the total dollar value jumped 95.6% from $294 million to $575 million.
The third quarter saw 131 commercial land sales in Q3 – a 10.9% drop compared with the 147 sales in the same period last year. The dollar value of these sales was also down, from $573 million in 2012’s third quarter to $479 million – a drop of 16.5%.
