{"id":20605,"date":"2022-09-21T10:10:00","date_gmt":"2022-09-21T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=20605"},"modified":"2022-09-16T09:13:52","modified_gmt":"2022-09-16T16:13:52","slug":"lower-mainlands-commercial-real-estate-market-edged-down-in-q2","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/09\/lower-mainlands-commercial-real-estate-market-edged-down-in-q2\/","title":{"rendered":"Lower Mainland’s Commercial Real Estate Market Edged Down in Q2"},"content":{"rendered":"

Activity in the Lower Mainland\u2019s commercial real estate market edged down in the second quarter (Q2) of 2022 from the brisker pace experienced at the start of the year.<\/p>\n

There were 485 commercial real estate sales in the Lower Mainland in Q2 2022, a 34.3% decrease from the 738 sales in Q2 2021, 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 $3.265 billion in Q2 2022, a 12.2% decrease from $3.719 billion in Q2 2021.<\/p>\n

“With inflationary pressures driving interest rates and borrowing costs higher, commercial activity across most market segments has slowed since the start of the year,\u201d said Andrew Lis, REBGV\u2019s director, economics and data analytics. \u201cLand deals remain elevated relative to the last few years, which is unsurprising given the robust demand for new housing supply in the Lower Mainland.\u201d<\/p>\n

Q2 2022 activity by category<\/strong><\/p>\n

Land : There were 221 commercial land sales in Q2 2022, which is a 9.1% decrease from the 243 land sales in Q2 2021. The dollar value of land sales was $1.670 billion in Q2 2022, a 9.9 % decrease from $1.854 billion in Q2 2021.<\/p>\n

Office and Retail : There were 143 office and retail sales in the Lower Mainland in Q2 2022, which is down 48.9% from the 280 sales in Q2 2021. The dollar value of office and retail sales was $649 million in Q2 2022, a 25.4% decrease from $870 million in Q2 2021.<\/p>\n

Industrial : There were 93 industrial land sales in the Lower Mainland in Q2 2022, which is a 49.2% decrease from the 183 sales in Q2 2021. The dollar value of industrial sales was $542 million in Q2 2022, a 12% increase from $484 million in Q2 2021.<\/p>\n

Multi-Family : There were 28 multi-family land sales in the Lower Mainland in Q2 2022, which is down 12.5% from 32 sales in Q2 2021. The dollar value of multi-family sales was $404 million in Q2 2022, a 20.9% decrease from $511 million in Q2 2021.<\/p>\n

Click here<\/a> to view the Q2 2022 Commercial Stats Package.<\/p>\n

Lower Mainland’s Commercial Real Estate Sees Fewer Transactions in Q2<\/a> by REBGV<\/p>\n","protected":false},"excerpt":{"rendered":"

Activity in the Lower Mainland\u2019s commercial real estate market edged down in the second quarter (Q2) of 2022 from the brisker pace experienced at the start of the year. 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