Lower borrowing costs have set the stage for modest improvement across most commercial real estate segments in 2025. But continued global uncertainty, particularly around US trade policy, remains a limiting factor.
GVR Economics’ latest forecast suggests 2025 could be a year of careful recalibration for the commercial market, with investors likely to continue being highly selective in their choice of investment and divestment opportunities.

Key Highlights
• Transaction volumes across the Lower Mainland hit a decade low in 2024—down 7% year-over-year.
• Multi-family and retail assets outperformed other segments, showing that capital is ready, but selective.
• In 2025, we expect slight volume increases in most segments, but economic headwinds will continue to weigh on investor confidence.

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2025 Commercial Market Forecast by GVR