Sales down, values up in Lower Mainland commercial real …€¦ · News Release. Sales down,...
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News Release Sales down, values up in Lower Mainland commercial real estate VANCOUVER, BC – December 14, 2017 – Commercial real estate sales in the Lower Mainland have edged down from last year’s record highs while dollar values continued to rise in the third quarter (Q3) of 2017. There were 652 commercial real estate sales in the Lower Mainland in Q3 2017, an 8.8 per cent decrease from the record 715 sales in Q3 2016, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV). The 652 sales in Q3 2017 are 10.7 per cent above the five-year Q3 sales average for the region (589). The total dollar value of commercial real estate sales in the Lower Mainland reached $3.270 billion in Q3 2017, a 16.1 per cent increase from $2.815 billion in Q3 2016. “While there have been fewer commercial sales this year compared to 2016, activity remains in line with the long-term average for the region,” Jill Oudil, REBGV president said. “On the pricing side, dollar values for commercial properties have climbed about 16 per cent in the last year. This growth can be attributed, in part, to the extended economic growth we’ve been experiencing across a variety of sectors in our province.” Q3 2017 activity by category Land: There were 278 commercial land sales in Q3 2017, which is a 4.5 per cent decrease from the 291 land sales in Q3 2016. The dollar value of land sales was $2.100 billion in Q3 2017, a 35.3 per cent increase from $1.552 billion in Q3 2016. Office and Retail: There were 225 office and retail sales in the Lower Mainland in Q3 2017, which is up 0.9 per cent from the 223 sales in Q3 2016. The dollar value of office and retail sales was $578 million in Q3 2017, a 6.1 per cent increase from $545 million in Q3 2016. Industrial: There were 128 industrial land sales in the Lower Mainland in Q3 2017, which is down 21 per cent over the 162 sales in Q3 2016. The dollar value of industrial sales was $400 million in Q3 2017, a 15 per cent increase from $348 million in Q3 2016.
Transcript of Sales down, values up in Lower Mainland commercial real …€¦ · News Release. Sales down,...
News Release Sales down, values up in Lower Mainland commercial real estate VANCOUVER, BC – December 14, 2017 – Commercial real estate sales in the Lower Mainland have edged down from last year’s record highs while dollar values continued to rise in the third quarter (Q3) of 2017. There were 652 commercial real estate sales in the Lower Mainland in Q3 2017, an 8.8 per cent decrease from the record 715 sales in Q3 2016, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV). The 652 sales in Q3 2017 are 10.7 per cent above the five-year Q3 sales average for the region (589). The total dollar value of commercial real estate sales in the Lower Mainland reached $3.270 billion in Q3 2017, a 16.1 per cent increase from $2.815 billion in Q3 2016. “While there have been fewer commercial sales this year compared to 2016, activity remains in line with the long-term average for the region,” Jill Oudil, REBGV president said. “On the pricing side, dollar values for commercial properties have climbed about 16 per cent in the last year. This growth can be attributed, in part, to the extended economic growth we’ve been experiencing across a variety of sectors in our province.” Q3 2017 activity by category Land: There were 278 commercial land sales in Q3 2017, which is a 4.5 per cent decrease from the 291 land sales in Q3 2016. The dollar value of land sales was $2.100 billion in Q3 2017, a 35.3 per cent increase from $1.552 billion in Q3 2016. Office and Retail: There were 225 office and retail sales in the Lower Mainland in Q3 2017, which is up 0.9 per cent from the 223 sales in Q3 2016. The dollar value of office and retail sales was $578 million in Q3 2017, a 6.1 per cent increase from $545 million in Q3 2016. Industrial: There were 128 industrial land sales in the Lower Mainland in Q3 2017, which is down 21 per cent over the 162 sales in Q3 2016. The dollar value of industrial sales was $400 million in Q3 2017, a 15 per cent increase from $348 million in Q3 2016.
Multi-Family: There were 21 multi-family land sales in the Lower Mainland in Q3 2017, which is down 46.2 per cent from 39 sales in Q3 2016. The dollar value of multi-family sales was $192 million in Q3 2017, a 48.1 per cent decrease from $371 million in Q3 2016.
-30- The real estate industry is a key economic driver in British Columbia. In 2016, 39,943 homes changed ownership in the Board’s area, generating $2.5 billion in economic spin-off activity and an estimated 17,600 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $40 billion in 2016. The Real Estate Board of Greater Vancouver is an association representing more than 14,500 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org. For more information please contact: Craig Munn Manager, Communication Real Estate Board of Greater Vancouver 604.730.3146 [email protected]
Category definitions: Land includes properties that are holding properties, farmland, garden centres, redevelopment sites, land assembly sites, vineyards, etc. Office and Retail properties are defined by the zoning according to each municipality and must have a building on the site. This category includes: Office, office condo, retail, retail condo, shopping centre, gas station, car dealerships, banks, community centres, day care, educational facility, institutional, golf courses, movie theatre, hotel, churches, restaurants, truck stops and others. Industrial properties are also defined by the zoning according to each municipality and must have a building on the site. This includes warehouses, warehouse bays and multi-bay warehouses. Multi-Family properties include: nursing homes, high rises, low rises, and any condo or townhome properties containing four or more units with at least one zoned for commercial use.
Abbotsford
Burnaby
Chilliwack
Coquitlam
Delta
Langley
Maple Ridge
Mission
New Westminster
North Vancouver
Pitt Meadows
Port Coquitlam
Port Moody
Richmond
Surrey
Vancouver
West Vancouver
White Rock
TOTALS by Category
GRAND TOTALS
Off
ice &
Reta
il20
710
54
72
37
18
14
133
30
62
38
225
Industr
ial
89
74
812
11
15
04
020
30
18
00
128
Multi-F
am
ily0
00
10
10
01
00
00
01
17
00
21
Land
21
14
612
345
15
51
70
23
870
64
11
278
Off
ice &
Reta
il$40,3
40,6
67
$38,8
56,0
00
$15,1
13,2
50
$25,8
25,0
00
$10,4
07,7
60
$6,7
24,7
99
$3,8
00,0
00
$2,3
89,9
00
$17,1
50,0
00
$26,3
57,0
38
$345,0
00
$18,7
35,0
00
$2,5
30,0
00
$16,9
69,7
32
$31,2
06,5
64
$304,0
07,5
15
$8,2
50,0
00
$8,9
99,0
00
$578,0
07,2
25
Industr
ial
$9,9
97,0
00
$68,2
46,0
00
$6,9
95,0
00
$11,2
42,5
00
$73,6
56,7
78
$39,7
37,5
55
$1,0
60,0
00
$200,0
00
$5,5
00,0
00
$11,5
00,0
00
n/a
$4,1
58,8
57
n/a
$62,1
61,0
00
$62,5
53,9
46
$42,6
09,6
02
n/a
n/a
$399,6
18,2
38
Multi-F
am
ilyn/a
n/a
n/a
$6,7
00,0
00
n/a
$1,6
90,0
00
n/a
n/a
$1,9
00,0
00
n/a
n/a
n/a
n/a
n/a
$9,6
75,0
00
$172,1
77,5
00
n/a
n/a
$192,1
42,5
00
Land
$195,3
08,9
08
$150,6
71,0
60
$9,9
26,0
07
$128,7
55,6
94
$23,8
86,4
00
$183,3
71,4
93
$54,0
41,2
04
$4,7
73,0
00
$2,0
00,0
00
$69,9
02,9
00
n/a
$20,0
75,0
00
$30,2
00,0
00
$75,1
62,0
00
$426,0
94,4
36
$706,8
11,0
11
$3,0
00,0
00
$16,0
00,0
00
$2,0
99,9
79,1
13
Off
ice &
Reta
il8
14
11
36
14
52
911
12
150
40
54
42
237
Industr
ial
11
15
15
15
56
31
00
13
017
37
60
0135
Multi-F
am
ily0
05
40
03
04
50
00
02
19
01
43
Land
11
11
711
341
13
65
80
62
17
60
53
01
255
Off
ice &
Reta
il$5,1
98,7
91
$430,9
95,4
48
$16,2
61,5
40
$7,5
75,0
00
$3,7
23,6
75
$13,7
77,5
80
$9,9
57,7
86
$2,9
95,0
00
$109,8
86,7
88
$15,0
98,4
38
$199,0
00
$4,3
25,0
00
$639,0
00
$70,8
41,2
05
$75,5
85,1
76
$182,5
73,0
78
$5,9
04,0
00
$1,1
60,0
00
$956,6
96,5
05
Industr
ial
$8,4
35,9
29
$47,4
64,6
65
$800,0
00
$11,1
15,0
00
$42,0
50,0
00
$15,7
00,0
00
$2,9
03,5
00
$1,0
98,5
00
$375,0
00
n/a
n/a
$16,5
49,7
00
n/a
$42,8
48,6
25
$111,3
54,5
23
$11,9
32,5
00
n/a
n/a
$312,6
27,9
42
Multi-F
am
ilyn/a
n/a
$10,9
40,0
00
$55,5
28,4
00
n/a
n/a
$19,9
81,0
00
n/a
$22,0
17,0
00
$5,7
55,0
00
n/a
n/a
n/a
n/a
$65,5
00,0
00
$198,2
00,0
00
n/a
$6,4
50,0
00
$384,3
71,4
00
Land
$21,2
27,0
00
$313,0
16,5
00
$11,1
70,8
78
$109,6
87,6
00
$16,3
02,0
00
$176,9
61,5
29
$21,9
19,2
36
$13,4
30,3
38
$16,3
18,9
20
$187,0
23,3
12
n/a
$15,8
70,9
36
$30,3
93,0
00
$100,8
69,7
61
$230,9
85,0
40
$529,0
28,7
55
n/a
$17,4
30,0
00
$1,8
11,6
34,8
05
Off
ice &
Reta
il9
19
83
45
61
713
35
026
60
52
02
223
Industr
ial
10
30
77
813
81
04
02
026
42
40
0162
Multi-F
am
ily1
23
00
21
26
40
00
00
17
01
39
Land
15
10
99
439
15
44
80
34
17
97
52
01
291
Off
ice &
Reta
il$12,3
90,0
00
$21,8
88,6
85
$5,4
53,0
00
$2,1
60,0
00
$5,2
05,0
00
$8,3
15,0
00
$6,4
00,0
00
$350,0
00
$12,2
69,6
00
$37,1
68,6
00
$1,0
88,2
00
$5,0
17,5
00
n/a
$18,7
33,5
00
$58,5
64,5
68
$345,4
00,1
46
n/a
$4,5
08,0
00
$544,9
11,7
99
Industr
ial
$21,8
40,2
81
$74,2
33,6
72
$7,4
19,9
00
$3,9
35,5
00
$71,8
01,7
12
$36,1
02,0
00
$3,1
32,8
50
$178,0
00
n/a
$6,2
20,0
00
n/a
$2,0
15,0
00
n/a
$48,5
03,6
80
$50,7
58,9
64
$21,3
85,0
00
n/a
n/a
$347,5
26,5
59
Multi-F
am
ily$650,0
00
$10,5
50,0
00
$6,2
69,5
00
n/a
n/a
$31,9
94,7
44
$2,2
20,0
00
$5,0
98,0
00
$21,6
61,8
88
$75,5
20,0
00
n/a
n/a
n/a
n/a
n/a
$209,6
28,0
00
n/a
$6,9
50,0
00
$370,5
42,1
32
Vacant
Land
$30,5
16,6
80
$43,6
33,7
00
$36,6
61,5
00
$43,7
70,6
86
$36,4
88,1
09
$122,3
42,3
00
$35,8
64,0
00
$7,1
06,5
96
$15,4
90,0
00
$37,5
20,0
00
n/a
$10,3
13,6
88
$9,3
58,0
00
$90,7
86,0
44
$407,8
74,4
31
$623,5
11,6
27
n/a
$1,2
28,0
00
$1,5
52,4
65,3
61
Off
ice &
Reta
il41
30
33
12
13
26
11
620
36
49
3110
106
183
11
13
667
Industr
ial
26
28
911
30
24
10
74
70
29
057
113
29
00
384
Multi-F
am
ily2
211
50
13
07
60
00
05
48
12
93
Land
45
34
17
35
13
127
37
13
926
115
636
180
163
14
762
Off
ice &
Reta
il$277,4
06,2
34
$481,7
02,4
48
$43,6
16,7
90
$37,0
78,0
00
$18,7
11,4
35
$38,6
65,8
79
$22,2
65,7
86
$5,8
71,9
00
$134,8
31,1
87
$65,0
52,4
76
$1,6
29,0
00
$24,6
28,9
00
$3,8
44,0
00
$113,9
36,2
68
$149,8
48,5
93
$2,1
81,1
57,7
81
$57,6
27,1
00
$13,0
53,0
00
$3,6
70,9
26,7
77
Industr
ial
$28,2
84,3
66
$122,1
21,4
25
$8,2
87,0
00
$30,1
37,5
00
$134,7
83,1
18
$64,5
63,5
55
$12,2
71,0
00
$5,2
78,5
00
$7,4
50,0
00
$14,4
39,0
00
n/a
$72,6
47,4
17
n/a
$133,6
70,6
15
$257,1
47,9
71
$69,3
51,1
02
n/a
n/a
$960,4
32,5
69
Multi-F
am
ily$9,4
90,0
00
$20,5
00,0
00
$19,7
12,9
40
$62,2
28,4
00
n/a
$1,6
90,0
00
$19,9
81,0
00
n/a
$35,6
72,0
00
$9,7
97,5
00
n/a
n/a
n/a
n/a
$115,5
92,4
00
$682,7
47,9
44
$28,3
00,0
00
$11,6
95,0
00
$1,0
17,4
07,1
84
Land
$248,7
89,3
18
$587,3
10,3
20
$35,4
03,4
25
$333,6
19,2
94
$89,8
60,3
48
$484,5
02,3
47
$87,2
11,4
40
$24,7
28,3
38
$33,0
68,9
20
$387,9
02,2
12
$986,9
00
$53,3
28,2
19
$61,0
78,2
00
$235,7
07,9
61
$850,9
19,2
41
$2,1
07,0
79,7
66
$3,0
00,0
00
$43,0
30,0
00
$5,6
67,5
26,2
49
Off
ice &
Reta
il37
48
21
15
20
30
16
719
38
58
088
147
206
55
715
Industr
ial
27
52
17
14
36
27
20
51
10
118
094
145
27
00
494
Multi-F
am
ily3
76
00
41
216
60
21
12
69
02
122
Land
32
39
25
28
10
123
46
11
11
34
015
14
62
320
185
27
964
Off
ice &
Reta
il$62,7
15,3
84
$122,3
31,7
11
$23,6
18,8
00
$15,2
30,0
00
$20,6
31,5
99
$28,8
74,1
50
$18,6
51,0
00
$74,1
83,9
00
$138,0
74,0
38
$76,8
17,1
62
$1,6
78,4
00
$11,2
84,5
00
n/a
$74,9
56,8
17
$260,5
50,2
19
$2,3
58,4
99,7
54
$5,0
29,7
84
$6,9
62,0
00
$3,3
00,0
89,2
18
Industr
ial
$44,0
87,4
31
$125,2
53,6
72
$18,1
15,9
00
$15,0
22,0
99
$175,1
62,3
33
$52,6
24,0
00
$11,4
68,3
50
$1,8
25,9
98
$525,0
00
$13,6
34,0
00
$45,7
50,0
00
$10,2
13,8
08
n/a
$134,0
06,3
63
$159,1
36,9
24
$81,7
01,0
00
n/a
n/a
$888,5
26,8
78
Multi-F
am
ily$4,0
90,0
00
$36,7
80,0
00
$10,5
03,5
00
n/a
n/a
$34,8
73,4
94
$2,2
20,0
00
$5,0
98,0
00
$56,0
21,8
88
$95,3
70,0
00
n/a
$34,0
00,0
00
$1,1
80,0
00
$22,0
00,0
00
$12,8
77,9
77
$674,1
88,8
22
n/a
$10,7
00,0
00
$999,9
03,6
81
Land
$65,4
93,1
80
$298,6
27,5
08
$69,0
67,7
55
$168,8
69,7
42
$55,9
84,6
09
$313,1
17,5
10
$94,8
67,1
00
$23,7
57,0
96
$90,8
58,0
00
$311,7
09,1
00
n/a
$31,4
85,1
88
$48,3
43,3
12
$491,1
93,5
84
$1,0
49,7
68,6
62
$2,3
98,7
84,0
78
$25,9
20,0
00
$49,8
32,0
00
$5,5
87,6
78,4
24
No
te:
Qu
arte
rly
per
iod
s d
efin
ed a
s fo
llow
s: Q
1 =
[Jan
-Mar
], Q
2 =
[Ap
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n],
Q3
= [J
ul-
Sep
], Q
4 =
[Oct
-Dec
]
LO
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Th
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2017
Q3
Un
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llar
Valu
e$3,269,747,076
2017
Q2
Un
its
So
ld670
Do
llar
Valu
e$3,465,330,652
2016
Q3
Un
its
So
ld715
Do
llar
Valu
e$2,815,445,851
2016 Y
TD
Q1-Q
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Un
its
So
ld2295
Do
llar
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e$10,776,198,201
2017 Y
TD
Q1-Q
3
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e$11,316,292,779
©
2017 R
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of G
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©
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ter
Va
nco
uve
r
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
20
13
20
14
20
15
20
16
20
17
Tota
l Un
its
Sold
38
84
70
48
84
89
46
75
10
47
35
37
53
06
19
61
85
91
70
38
77
71
55
92
58
46
70
65
2
0
10
0
20
0
30
0
40
0
50
0
60
0
70
0
80
0
90
0
10
00
Units Sold LO
WER
MA
INLA
ND
To
tal C
om
me
rcia
l Sal
es
- Q
uar
terl
y
©
20
17
Re
al E
sta
te B
oa
rd o
f G
rea
ter
Va
nco
uve
r
$0
$5
00
$1
,00
0
$1
,50
0
$2
,00
0
$2
,50
0
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
20
13
20
14
20
15
20
16
20
17
Dollar Value (in $millions)
LOW
ER M
AIN
LAN
D
Co
mm
erc
ial D
olla
r V
alu
e S
old
by
Cat
ego
ry -
Qu
arte
rly
Off
ice
& R
etai
lIn
du
stri
alM
ult
i-Fa
mily
Lan
d
©
20
17
Re
al E
sta
te B
oa
rd o
f G
rea
ter
Va
nco
uve
r
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
201
32
014
201
52
01
62
01
7
Tota
l Do
llar
Vo
um
e$
98
5,97
2$
1,3
24,
1$
1,7
71,
2$
1,67
7,3
$1,
46
3,0
$1,
346,
9$
1,41
2,2
$2,
053,
9$
1,67
6,6
$2,
080,
5$
2,50
0,8
$2,
564,
1$
3,32
5,1
$4
,63
5,6
$2
,81
5,4
$2
,89
6,3
$4
,58
1,2
$3
,46
5,3
$3
,26
9,7
$0
$5
00
$1
,00
0
$1
,50
0
$2
,00
0
$2
,50
0
$3
,00
0
$3
,50
0
$4
,00
0
$4
,50
0
$5
,00
0
Dollar Value (in $millions) LO
WER
MA
INLA
ND
To
tal C
om
me
rcia
l Do
llar
Val
ue
So
ld -
Qu
arte
rly
Price Range Office & Retail Industrial Multi-Family LandTotals by Price
RangeUnder $1,000,000 126 57 0 19 202
$1,000,000 - $1,999,999 39 28 2 33 102
$2,000,000 - $2,999,999 19 9 0 50 78
$3,000,000 - $3,999,999 9 8 2 26 45
$4,000,000 - $4,999,999 8 4 2 21 35
$5,000,000 - $5,999,999 7 7 5 18 37
$6,000,000 - $6,999,999 2 3 1 18 24
$7,000,000 - $7,999,999 2 3 3 13 21
$8,000,000 - $8,999,999 5 2 0 9 16
$9,000,000 - $9,999,999 0 1 2 9 12
$10,000,000 - $10,999,999 1 0 1 4 6
$11,000,000 - $11,999,999 2 0 0 7 9
$12,000,000 - $12,999,999 0 1 0 9 10
$13,000,000 - $13,999,999 0 0 0 4 4
$14,000,000 - $14,999,999 0 0 0 2 2
$15,000,000 - $15,999,999 0 0 0 6 6
$16,000,000 - $16,999,999 0 1 0 2 3
$17,000,000 - $17,999,999 0 0 0 2 2
$18,000,000 - $18,999,999 0 0 0 3 3
$19,000,000 - $19,999,999 0 0 0 2 2
$20,000,000 - $20,999,999 0 1 0 4 5
$21,000,000 - $21,999,999 1 0 0 0 1
$22,000,000 - $22,999,999 0 0 1 2 3
$23,000,000 - $23,999,999 0 0 0 0 0
$24,000,000 - $24,999,999 1 0 0 1 2
$25,000,000 - $25,999,999 0 0 0 1 1
$26,000,000 - $26,999,999 0 0 1 1 2
$27,000,000 - $27,999,999 0 0 0 0 0
$28,000,000 - $28,999,999 0 1 0 1 2
$29,000,000 - $29,999,999 1 0 0 1 2
At & Over $30,000,000 2 2 1 10 15
Totals by Category 225 128 21 278 652
LOWER MAINLAND Total Commercial Sales
Price Range and Category
2017 Q3
© 2017 Real Estate Board of Greater Vancouver
