{"id":17280,"date":"2021-02-01T10:10:00","date_gmt":"2021-02-01T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=17280"},"modified":"2021-02-02T09:43:23","modified_gmt":"2021-02-02T17:43:23","slug":"the-commercial-real-estate-market-trends","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2021\/02\/the-commercial-real-estate-market-trends\/","title":{"rendered":"The Commercial Real Estate Market Trends"},"content":{"rendered":"

In a period where the COVID-19 pandemic constrained economic activity and caused businesses to limit in-person operations, the Lower Mainland\u2019s commercial real estate market saw overall declines in demand.<\/p>\n

There were 387 commercial real estate sales in the Lower Mainland in the third quarter (Q3) of 2020, an 8.9% decrease over the 425 sales in Q3 2019, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).<\/p>\n

The total dollar value of commercial real estate sales in the Lower Mainland was $2.628 billion in Q3 2020, a 31.7% increase from $1.995 billion in Q3 2019.<\/p>\n

\u201cBusinesses across all sectors have been adapting their operations during this pandemic. With the intensive move to a remote workforce, demand for commercial space declined in the third quarter of 2020,\u201d Colette Gerber, REBGV Chair said. \u201cTo understand COVID-19\u2019s lasting impact on the commercial real estate market, we\u2019ll need more time and data. Pandemic aside, we continue to have a diverse economy with broad needs for industrial, retail, office, multi-family and other properties to support business activity and job growth in the region.\u201d<\/p>\n

Q3 2020 activity by category<\/strong><\/p>\n

Land : There were 93 commercial land sales in Q3 2020, which is a 20.5% decrease from the 117 land sales in Q3 2019. The dollar value of land sales was $1.732 billion in Q3 2020, a 106.6% increase from $838 million in Q3 2019.<\/p>\n

Office and Retail : There were 165 office and retail sales in the Lower Mainland in Q3 2020, which is down 1.8% from the 168 sales in Q3 2019. The dollar value of office and retail sales was $342 million in Q3 2020, a 26.1% decrease from $463 million in Q3 2019.<\/p>\n

Industrial : There were 108 industrial land sales in the Lower Mainland in Q3 2020, which is a 12.2% decrease from the 123 sales in Q3 2019. The dollar value of industrial sales was $257 million in Q3 2020, a 37.6% decrease from $412 million in Q3 2019.<\/p>\n

Multi-Family : There were 21 multi-family land sales in the Lower Mainland in Q3 2020, which is up 23.5% from 17 sales in Q3 2019. The dollar value of multi-family sales was $296 million in Q3 2020, a 4.9% increase from $282 million in Q3 2019.<\/p>\n

Click here<\/a> to view Q3 2020 Commercial Stats Package.<\/p>\n

Pandemic-Induced Trends Emerge in The Commercial Real Estate Market in The Third Quarter of 2020<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

In a period where the COVID-19 pandemic constrained economic activity and caused businesses to limit in-person operations, the Lower Mainland\u2019s commercial real estate market saw overall declines in demand. 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