The total number of commercial transactions dropped 16% in the second quarter of 2025, compared with the first quarter. The only asset class posting a quarter-over-quarter gain in transaction volume was the retail segment, which has now seen three consecutive quarters of growth.

There were 286 commercial real estate sales in the Lower Mainland in Q2 2025, a 49.6% decrease from the 567 sales in Q2 2024, according to data from Commercial Edge, a commercial real estate system operated by Greater Vancouver Realtors (GVR).

The total dollar value of commercial real estate sales in the Lower Mainland was $1.173 billion in Q2 2025, a 67.6% decrease from $3.614 billion in Q2 2024.

“Our commercial market forecast for the year called for transaction volumes to remain relatively flat compared to last year, and so far, the market is tracking in line with these expectations,” Andrew Lis, GVR’s director of economics and data analytics said. “Industrial, office, and retail transactions remain relatively strong compared with the multi-family and land segments to date, and we expect this trend to continue to year-end.”

“Land transactions remain notably weaker than our forecast anticipated, however this finding is not particularly surprising given the headwinds the development industry is facing,” Lis said. “With a slew of recent policy changes, construction cost escalation, and a challenging pre-sales environment, it’s possible land transactions will remain muted for some time as the market adjusts.”

Q2 2025 Activity by Asset Class

Land : There were 48 commercial land sales in Q2 2025, which is a 66.7% decrease from the 144 land sales in Q2 2024. The dollar value of land sales was $349 million in Q2 2025, a 79.1% decrease from $1.673 billion in Q2 2024.

Office : There were 63 office sales in the Lower Mainland in Q2 2025, which is a 29.2% decrease from the 89 sales in Q2 2024. The dollar value of office sales was $84 million in Q2 2025, a 37.1% decrease from $134 million in Q2 2024.

Retail & Other : There were 81 retail (& other) sales in the Lower Mainland in Q2 2025, which is a 39.6% decrease from the 134 sales in Q2 2024. The dollar value of retail sales was $329 million in Q2 2025, a 42.8% decrease from $575 million in Q2 2024.

Industrial : There were 81 industrial land sales in the Lower Mainland in Q2 2025, which is a 52.1% decrease from the 169 sales in Q2 2024. The dollar value of industrial sales was $327 million in Q2 2025, a 63.1% decrease from $885 million in Q2 2024.

Multi-Family : There were 13 multi-family land sales in the Lower Mainland in Q2 2025, which is a 58.1% decrease from 31 sales in Q2 2024. The dollar value of multi-family sales was $83 million in Q2 2025, a 76% decrease from $347 million in Q2 2024.

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GVR Q2-2025 Commercial Edge Market Report – Commercial Transactions Drift Lower in Second Quarter by GVR