Lower Mainland land, office, retail demand hits 5-year high

Commercial real estate in Vancouver’s Lower Mainland continues to boom with demand for land, office and retail reaching a 5-year high in the second quarter of 2016.

The Real Estate Board of Greater Vancouver reported a record 804 commercial real estate sales in the quarter, up 30.9 per cent from a year earlier; with a total dollar value of $2.056 billion, up 105.7 per cent.

“We continue to see record-setting demand in the commercial real estate market,” said Dan Morrison, REBGV president. “Buyers remain active across all major commercial real estate categories in the Lower Mainland.”

Land sales dominated the gains with a 73.5 per cent increase year-over-year to 340 transactions and a dollar value gain of 81.5 per cent to $1.019 billion. Office and retail sales were up 4.1 per cent while industrial gained 20 per cent and multi-family increased 25 per cent.

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