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Total commercial real estate sales in B.C.’s Lower Mainland dropped 26 per cent in the second quarter of this year from the same period in 2012, led by a 33 per cent plunge in commercial land sales.
The data is from the Commercial Edge, published by the Real Estate Board of Greater Vancouver (REBGV). The data covers all commercial real estate sale transactions that have been registered with the Land Title and Survey Authority, with the exception of Pitt Meadows and Chilliwack.
The total dollar value of commercial sales in the region was $1.022 billion in the second quarter of 2013. This represents a 42 per cent decline from Q2 2012 and the lowest dollar value for Q2 since 2009.
There were 398 commercial real estate sales in the Lower Mainland in Q2 2013, according to Commercial Edge. This is a 26 per cent decline compared to the 538 sales recorded in Q2 2012, a 21.8 per cent decline from the 509 sales recorded in Q2 2011, and a 25 per cent decline from the 531 sales recorded over the same period in 2010.
“Commercial real estate activity in the Lower Mainland has picked up since the start of 2013, but remains about 25 per cent below last year’s near record setting pace,” Sandra Wyant, REBGV president said. “These declines are consistent with what we’re seeing in related areas of the economy such as employment, retail and manufacturing.”
The following is a breakdown by commercial real estate category:
Land: There were 115 commercial land sales registered in the Lower Mainland in Q2 2013, down 33 per cent from the 172 land sales in Q2 2012. The dollar value of land sales in Q2 2013 was $359 million, down 35.2 per cent from $554 million in Q2 2012.
Office and Retail: There were 138 office and retail sales in the Lower Mainland in Q2 2013, a 23 per cent decline from the 179 office and retail sales in Q2 2012. The dollar value of office and retail sales in Q2 2013 was $307 million, a 62 per cent decrease from $804 million in Q2 2012.
Industrial: There were 119 industrial land sales in the Lower Mainland in Q2 2013, down 26.5 per cent from the 162 industrial land sales in Q2 2012. The dollar value of industrial sales in Q2 2013 was $151 million, a 10.7 per cent decrease from $169 million in Q2 2012.
Multi-Family: There were 26 multi-family sales in the Lower Mainland in Q2 2013, which is virtually unchanged from the 25 sales in Q2 2012. The dollar value of multi-family sales in Q2 2013 was $204 million, a 13.9 per cent decline from $237 million in Q2 2012.