Vancouver commercial property values up 36 percent
Commercial property values in Vancouver have climbed 35.7 percent from last year, according to the Real Estate Board of General Vancouver.
While transactions continued to trend lower than in the past, the dollar value of commercial realty sold in Vancouver's Lower Mainland increased during the third quarter.
The dollar value of sales in the area reached $1.411 billion in Q3, marking a 16.6 percent improvement on the same period 2012, and a 35.7 percent jump from Q2 2013.
"The total dollar value of commercial sales increased in the Lower Mainland last quarter thanks in large part to activity in the office and retail sector," Sandra Wyant, REBGV president said in the report.
"The total number of commercial sales in the region this year continues to trend behind what we saw between 2010 and 2012."
Third quarter activity by category:
Land: There were 131 commercial land sales in the Lower Mainland in Q3 2013, down 10.9 per cent from the 147 land sales in Q3 2012. The dollar value of land sales in Q3 2013 was $479 million, down 16.5 per cent from $573 million in Q3 2012.
Office and Retail: There were 141 office and retail sales in the Lower Mainland in Q3 2013, a 15.1 per cent decline from the 166 office and retail sales in Q3 2012. The dollar value of office and retail sales in Q3 2013 was $575 million, a 95.6 per cent increase from $294 million in Q3 2012.
Industrial: There were 92 industrial land sales in the Lower Mainland in Q3 2013, down 30.8 per cent from the 133 industrial land sales in Q3 2012. The dollar value of industrial sales in Q3 2013 was $226 million, a 5.3 per cent decrease from $239 million in Q3 2012.
Multi-Family: There were 29 multi-family sales in the Lower Mainland in Q3 2013, which is virtually unchanged from the 30 sales in Q3 2012. The dollar value of multi-family sales in Q3 2013 was $131 million, a 26 per cent increase from $104 million in Q2 2012.