Vancouver land sales boost commercial real estate in first quarter

Activity in the Lower Mainland's commercial real estate sector grew in the first quarter of 2015 as land sales jumped.

Data from the Real Estate Board of Greater Vancouver shows that the total dollar value of commercial sales in the region reached $1.5 billion, a 7.6 per cent increase from the same period in 2014.

“It was the most active first quarter we’ve seen in our commercial market over the last five years,” said Darcy McLeod, REBGV president. “This activity reflects the growth we’re seeing in related sectors within our economy, such as retail and manufacturing.”

The 505 commercial property sales in the three-month period represent an 8.6 per cent increase on the first quarter of 2014 and is up more than 30 per cent on the period for 2013. 

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