Commercial real estate sales in the Lower Mainland declined in the first quarter (Q1) of 2017 compared to last year while the total dollar value of sales increased across most property types.

There were 561 commercial real estate sales in the Lower Mainland in Q1 2017, a 19.7% decrease over the 699 sales in Q1 2016, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).

The total dollar value of commercial real estate sales in the Lower Mainland was $3.884 billion in Q1 2017, an 18.2% increase from the $3.287 billion in Q1 2016.

“Commercial real estate activity is below last year’s record-breaking pace and more in line with historical levels in the Lower Mainland,” said Jill Oudil, REBGV president. “The value of what’s being sold, particularly for office and retail properties, is on the rise.”

Q1 2017 activity by category

Land : There were 220 commercial land sales in Q1 2017, which is a 25.7% decrease from the 296 land sales in Q1 2016. The dollar value of land sales was $1.674 billion in Q1 2017, an 11.6% decrease over $1.895 billion in Q1 2016.

Office and Retail : There were 203 office and retail sales in the Lower Mainland in Q1 2017, which is down 2.4% from the 208 sales in Q1 2016. The dollar value of office and retail sales was $1.614 billion in Q1 2017, an 80.1% increase over $0.896 billion in Q1 2016.

Industrial : There were 111 industrial land sales in the Lower Mainland in Q1 2017, which is down 28.8% over the 156 sales in Q1 2016. The dollar value of industrial sales was $0.219 billion in Q1 2017, a 13.6% decrease over $0.253 billion in Q1 2016.

Multi-Family : There were 27 multi-family land sales in the Lower Mainland in Q1 2017, which is down 30.8% over the 39 sales in Q1 2016. The dollar value of multi-family sales was $0.375 billion in Q1 2017, a 55% increase from $0.242 billion in Q1 2016.

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