Commercial real estate activity in the Lower Mainland declined from the record highs of one year ago and returned to more historically typical levels in the second quarter (Q2) of 2017.

There were 595 commercial real estate sales in the Lower Mainland in Q2 2017, a 32% decrease from the record 875 sales in Q2 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 $2.886 billion in Q2 2017, a 37.5% decrease from $4.615 billion in Q2 2016.

“Land and industrial sales experienced the largest year-over-year declines last quarter, with sales in both categories down more than one-third compared to 2016,” said Jill Oudil, REBGV president. “Looking back over several years, however, we see that last quarter’s sale and dollar value activity follow more historically normal trend lines.”

Q2 2017 activity by category

Land : There were 227 commercial land sales in Q2 2017, which is a 39.3% decrease from the 374 land sales in Q2 2016. The dollar value of land sales was $1.510 billion in Q2 2017, a 28.6% decrease from $2.116 billion in Q2 2016.

Office and Retail : There were 218 office and retail sales in the Lower Mainland in Q2 2017, which is down 23.2% from the 284 sales in Q2 2016. The dollar value of office and retail sales was $0.775 billion in Q2 2017, a 57.7% decrease from $1.835 billion in Q2 2016.

Industrial : There were 114 industrial land sales in the Lower Mainland in Q2 2017, which is down 34.9% over the 175 sales in Q2 2016. The dollar value of industrial sales was $0.243 billion in Q2 2017, a 13.3% decrease from $0.280 billion in Q2 2016.

Multi-Family : There were 36 multi-family land sales in the Lower Mainland in Q2 2017, which is down 14.3% over the 42 sales in Q2 2016. The dollar value of multi-family sales was $0.358 billion in Q2 2017, a 6.8% decrease from $0.384 billion in Q2 2016.

Click here to view the full Q2 2017 commercial stats package.