{"id":12061,"date":"2019-03-30T10:10:50","date_gmt":"2019-03-30T17:10:50","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=12061"},"modified":"2019-03-24T11:20:02","modified_gmt":"2019-03-24T18:20:02","slug":"demand-for-commercial-real-estate-changed-pace","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/03\/demand-for-commercial-real-estate-changed-pace\/","title":{"rendered":"Demand for Commercial Real Estate Changed Pace"},"content":{"rendered":"<p style=\"text-align: justify;\">The commercial real estate market in the Lower Mainland saw fewer sales and lower dollar volumes in 2018 compared to recent years.<\/p>\n<p style=\"text-align: justify;\">There were 2,266 commercial real estate sales in the Lower Mainland in 2018, a 13.6% decrease from 2,624 sales in 2017, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).<\/p>\n<p style=\"text-align: justify;\">The total dollar value of commercial real estate sales in the Lower Mainland reached $15.622 billion in 2018, a 5.2% decrease from $16.483 billion in 2017.<\/p>\n<p style=\"text-align: justify;\">\u201cDemand in the Lower Mainland\u2019s commercial real estate market changed pace in 2018,\u201d said Ashley Smith, REBGV president. \u201cWhile dollar volumes remained up near the highs we\u2019ve experienced in recent years, we\u2019ve seen reduced demand in line with slower economic growth and rising interest rates.\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>2018 activity by category<\/strong><\/p>\n<p style=\"text-align: justify;\">Land : There were 861 commercial land sales in 2018, which is a 20% decrease from the 1,076 land sales in 2017. The dollar value of land sales was $8.281 billion in 2018, an 8% decrease from $9 billion in 2017.<\/p>\n<p style=\"text-align: justify;\">Office and Retail : There were 815 office and retail sales in the Lower Mainland in 2018, which is down 9.2% from the 898 sales in 2017. The dollar value of office and retail sales was $4.647 billion in 2018, a 2.8% decrease from $4.781 billion in 2017.<\/p>\n<p style=\"text-align: justify;\">Industrial : There were 489 industrial land sales in the Lower Mainland in 2018, which is down 7.7% from the 530 sales in 2017. The dollar value of industrial sales was $1.441 billion in 2018, an 11.7% increase from $1.290 billion in 2017.<\/p>\n<p style=\"text-align: justify;\">Multi-Family : There were 101 multi-family land sales in the Lower Mainland in 2018, which is down 15.8% from 120 sales in 2017. The dollar value of multi-family sales was $1.253 billion in 2018, a 11.2% decrease from $1.411 billion in 2017.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/members.rebgv.org\/news\/Q4-2018-Commercial-Stats-Package.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Click here<\/a> to view the full stats package.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The commercial real estate market in the Lower Mainland saw fewer sales and lower dollar volumes in 2018 compared to recent years. There were 2,266 commercial real estate sales in &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/03\/demand-for-commercial-real-estate-changed-pace\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-12061","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Demand for Commercial Real Estate Changed Pace &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2019\/03\/demand-for-commercial-real-estate-changed-pace\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Demand for Commercial Real Estate Changed Pace &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The commercial real estate market in the Lower Mainland saw fewer sales and lower dollar volumes in 2018 compared to recent years. 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