The commercial market is picking up where it left off after a record-setting year in 2015,” said Dan Morrison, REBGV president. “We’re seeing steady demand across all major commercial real estate categories in our region.”
That demand was strongest in the land sector with a 42.6 per cent increase in sales year-over-year and a 118.3 per cent rise in total dollar value to $1.669 billion.
Office and retail increased 15.5 per cent in sales volume and 111.9 per cent in dollar terms to $815 million. Industrial sales increased by 16.2 per cent but the value of the deals dipped 8.5 per cent to $229 million.
The multi-family sector saw stronger sales volume – up 23.3 per cent year-over-year – but lower total value at $191 million, down 17.5 per cent from the first quarter of 2015.
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Vancouver’s Lower Mainland saw 660 commercial real estate deals in the first three months of 2016, up 26 per cent from the same quarter of 2015. The Real Estate Board of Greater Vancouver recorded $2.904 billion of sales, up 78.1 per cent in dollar terms from a year earlier.