Commercial MARKET Reports

Sales activity in the Lower Mainland’s commercial real estate market reached the second-highest annual total on record in 2021.

There were 2,659 commercial real estate sales in the Lower Mainland in 2021, a 65.3 per cent increase from the 1,609 sales in 2020, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).

Last year’s sales total is the second highest on record behind 2016 when 2,848 sales were recorded.

The total dollar value of commercial real estate sales in the Lower Mainland was $14.396 billion in 2021, a 66.7 per cent increase from $8.635 billion in 2020.

Vancouver, B.C. – March 31, 2022 – Sales activity in the Lower Mainland’s commercial real estate market reached the second-highest annual total on record in 2021. 

There were 2,659 commercial real estate sales in the Lower Mainland in 2021, a 65.3 per cent increase from the 1,609 sales in 2020, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV). Last year’s sales total is the second highest on record behind 2016 when 2,848 sales were recorded. 

The total dollar value of commercial real estate sales in the Lower Mainland was $14.396 billion in 2021, a 66.7 per cent increase from $8.635 billion in 2020. 

"Like residential consumers, businesses and investors became more comfortable operating in the commercial market in the second year of the pandemic," Daniel John, REBGV Chair said. "We saw consistent increases among the different commercial property types both in sales volumes and dollar figures last year."

Vancouver, B.C. – January 24, 2022 – The increased activity seen in the Lower Mainland’s commercial real estate market in the first half of 2021 carried into the third quarter (Q3) of the year across all categories. 

There were 640 commercial real estate sales in the Lower Mainland in Q3 2021, a 64.1 per cent increase from the 390 sales in Q3 2020, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV). 

The total dollar value of commercial real estate sales in the Lower Mainland was $3.250 billion in Q3 2021, a 30.7 per cent increase from $2.487 billion in Q3 2020. 

"Commercial real estate activity recovered steadily in the first three quarters of 2021 against 2020 levels as consumer and business confidence returned from the initial uncertainty that the COVID-19 pandemic caused," Keith Stewart, REBGV economist said. “In particular, the strength of land acquisition activity points to new development interest across the region.”

There were over 16 hotel | motel | lodges sold in 2021 so far with some of them were court sales due to COVID. We have seen increased demand on both big size franchise managed and small size family running Inn. 

With the difficulty of getting commercial mortgage on hotel property from Business Development Bank of Canada over the past one year, lucky buyers got their own way of taking over the new business.

Business loan or commercial mortgage partners, please feel free to reach out so we can help more buyers.

There were over 30 restaurants SOLD in Calgary alone in 2021. We can see lots of Chinese owners would rather to sell their businesses than running it during COVID. It was because of their personal concerns about COVID. 

Lost of restaurant owners contacted us for checking rental rate with potential negotiation with their landlords or looking for new locations with patio options. 

Our TOP 3 restaurant WANTED list is as follows:

a, Franchise Pizza store | Non-franchise pizza store

b, Japanese | Sushi restaurant

c, Full commercial kitchen for catering business

Restaurant owners are welcome for a FREE BUSINESS VALUATION!

Q2 2021 activity by category

Land: There were 236 commercial land sales in Q2 2021, which is a 181 per cent increase from 84 land sales in Q2 2020. The dollar value of land sales was $1.785 billion in Q2 2021, a 181.5 per cent increase from $634 million in Q2 2020.

Office and Retail: There were 278 office and retail sales in the Lower Mainland in Q2 2021, which is up 100 per cent from 139 sales in Q2 2020. The dollar value of office and retail sales was $859 million in Q2 2021, a 39.7 per cent increase from $615 million in Q2 2020.

Industrial: There were 180 industrial land sales in the Lower Mainland in Q2 2021, which is a 71.4 per cent increase from 105 sales in Q2 2020. The dollar value of industrial sales was $480 million in Q2 2021, a 79.8 per cent increase from $267 million in Q2 2021

Multi-Family: There were 32 multi-family land sales in the Lower Mainland in Q2 2021, which is up 220 per cent from 10 sales in Q2 2020. The dollar value of multi-family sales was $511 million in Q2 2021, a 724.2 per cent increase from $62 million in Q2 2020.

Vancouver, B.C. – July 12, 2021 – The increased activity seen in the Lower Mainland’s commercial real estate market in the latter half of 2020 carried into the first quarter (Q1) of 2021. 

There were 576 commercial real estate sales in the Lower Mainland in Q1 2021, a 46.9 per cent increase from the 392 sales in Q1 2020, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV). 

The total dollar value of commercial real estate sales in the Lower Mainland was $2.655 billion in Q1 2021, a 10 per cent increase from $2.413 billion in Q1 2020. 

"Activity in the commercial real estate market has followed a similar pattern to what we’ve seen in the residential market throughout most of the pandemic," Keith Stewart, REBGV economist said. "Commercial sales and dollar values have increased as REALTORS® and consumers have shown more confidence doing business within the COVID-19 safety guidelines that our public health professionals and WorkSafeBC have developed.

Vancouver, B.C. – April 19, 2021 – Sales activity in the Lower Mainland’s commercial real estate market slowed in the first half of 2020 as the COVID-19 pandemic took hold and rebounded in the second half of the year.

There were 1,582 commercial real estate sales in the Lower Mainland in 2020, a 0.6 per cent decrease from 1,592 sales in 2019, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).

The total dollar value of commercial real estate sales in the Lower Mainland was $8.622 billion in 2020, a 21 per cent increase from $7.128 billion in 2019.

“Commercial real estate activity mirrored activity in our overall economy in 2020,” Taylor Biggar, REBGV Chair said. “The uncertainty brought on by the pandemic caused activity to slow in the first half of the year, but the market picked up in the latter half of 2020 as people and businesses established safety protocols and began assessing their real estate needs again.”

Q1 2020 activity by category

Land: There were 105 commercial land sales in Q1 2020, which is an 11.7 per cent increase from the 94 land sales in Q1 2019. The dollar value of land sales was $853 million in Q1 2020, a 15.8 per cent increase from $737 million in Q1 2019.

Office and Retail: There were 135 office and retail sales in the Lower Mainland in Q1 2020, which is down 3.6 per cent from the 140 sales in Q1 2019. The dollar value of office and retail sales was $318 million in Q1 2020, a 14.9 per cent decrease from $373 million in Q1 2019.

Industrial: There were 120 industrial land sales in the Lower Mainland in Q1 2020, which is a 25 per cent increase from the 96 sales in Q1 2019. The dollar value of industrial sales was $359 million in Q1 2020, a 10.1 per cent decrease from $399 million in Q1 2019. Multi-Family: There were 15 multi-family land sales in the Lower Mainland in Q1 2020, which is up 87.5 per cent from eight sales in Q1 2019. The dollar value of multi-family sales was $626 million in Q1 2020, a 903.8 per cent increase from $62 million in Q1 2019.

Vancouver, B.C. – June 18, 2019 – 

Commercial real estate sales in the Lower Mainland declined in the first quarter (Q1) of 2019 compared to the active market experienced across the region last year.

There were 318 commercial real estate sales in the Lower Mainland in Q1 2019, a 42.1 per cent decrease over the 549 sales in Q1 2018, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).

The total dollar value of commercial real estate sales in the Lower Mainland was $1.531 billion in Q1 2019, a 57.3 per cent decrease from the $3.587 billion in Q1 2018.

“Much like we’ve seen in the residential market, there’s been reduced demand in the commercial real estate market through the first quarter of the year,” Ashley Smith, REBGV president said. “With housing inventory at a five-year high and more supply on the way, the development community appears to be taking a more cautious approach with new acquisitions and projects at the moment.”

Q1 2018 activity by category

Land: There were 221 commercial land sales in Q1 2018, which is a 3.9 per cent decrease from the 230 land sales in Q1 2017. The dollar value of land sales was $1.594 billion in Q1 2018, a 20.5 per cent decrease from $2.005 billion in Q1 2017.

Office and Retail: There were 173 office and retail sales in the Lower Mainland in Q1 2018, which is down 15.6 per cent from the 205 sales in Q1 2017. The dollar value of office and retail sales was $1.076 billion in Q1 2018, a 51.8 per cent decrease from $2.232 billion in Q1 2017.

Industrial: There were 113 industrial land sales in the Lower Mainland in Q1 2018, which is down 7.4 per cent from the 122 sales in Q1 2017. The dollar value of industrial sales was $0.280 billion in Q1 2018, a 12.2 per cent increase over $0.250 billion in Q1 2017. Multi-Family: There were 16 multi-family land sales in the Lower Mainland in Q1 2018, which is down 44.8 per cent over the 29 sales in Q1 2017. The dollar value of multi-family sales was $0.081 billion in Q1 2018, an 81.5 per cent decrease from $0.441 billion in Q1 2017.

Vancouver, B.C. – June 12, 2017 – Commercial real estate sales in the Lower Mainland declined in the first quarter (Q1) of 2017 compared to last year while the total dollar value of sales increased across most property types. 

There were 561 commercial real estate sales in the Lower Mainland in Q1 2017, a 19.7 per cent decrease over the 699 sales in Q1 2016, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV). 

The total dollar value of commercial real estate sales in the Lower Mainland was $3.884 billion in Q1 2017, an 18.2 per cent increase from the $3.287 billion in Q1 2016. 

“Commercial real estate activity is below last year’s record-breaking pace and more in line with historical levels in the Lower Mainland,” said Jill Oudil, Real Estate Board of Greater Vancouver REBGV president. “The value of what’s being sold, particularly for office and retail properties, is on the rise.”

VANCOUVER, BC – June 14, 2016– 

Commercial real estate sales in the Lower Mainland outpaced historical averages in the first quarter (Q1) of 2016, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).

There were 660 commercial real estate sales in the Lower Mainland in Q1 2016. This is a 26 per cent increase over the 524 sales in Q1 2015, and represents the most active quarter for commercial real estate in the last five years.

The total dollar value of commercial real estate sales in the Lower Mainland in Q1 2016 was $2.904 billion, which is 78.1 per cent above the $1.630 billion total in Q1 2015.

“The commercial market is picking up where it left off after a record-setting year in 2015,” said Dan Morrison, REBGV president. “We’re seeing steady demand across all major commercial real estate categories in our region.”

Q1 2015 activity by category

Land: There were 186 commercial land sales registered with the Land Title and Survey Authority of BC (LTSA) in the Lower Mainland in Q1 2015, a 13.4 per cent increase from the 164 land sales in Q1 2014. The dollar value of land sales in Q1 2015 was $753 million, up 4.4 per cent from $721 million in Q1 2014.

Office and Retail: There were 167 office and retail sales in the Lower Mainland in Q1 2015, a 5.7 per cent increase from the 158 office and retail sales in Q1 2014. The dollar value of office and retail sales in Q1 2015 was $369 million, a 0.7 per cent decline from $371 million in Q1 2014.

Industrial: There were 123 industrial land sales in the Lower Mainland in Q1 2015, which is a 6 per cent increase compared to the 116 industrial land sales in Q1 2014. The dollar value of industrial sales in Q1 2015 was $217 million, a 12.3 per cent decline from $248 million in Q1 2014.

Multi-Family: There were 29 multi-family sales in the Lower Mainland in Q1 2015, which is up 7.4 per cent from the 27 sales in Q1 2014. The dollar value of multi-family sales in Q1 2015 was $231 million, a 95.2 per cent increase from $118 million in Q1 2014.

Vancouver, B.C. – June 16, 2014 – 

An upswing in vacant land transactions helped the commercial real market maintain a steady pace in line with historical activity in the Lower Mainland, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).

The total dollar value of commercial sales in the region was $1.4 billion in the first quarter (Q1) of 2014, a 45.5 per cent increase from Q1 2013. This is the second highest Q1 dollar value total in the last five years.

There were 441 commercial real estate sales in the Lower Mainland in Q1 2014, according to Commercial Edge. This is a 14.2 per cent increase compared to the 386 sales recorded in Q1 2013, a 9.1 per cent decline from the 485 sales recorded in Q1 2012, and a 0.5 per cent increase from the 439 sales recorded over the same period in 2011.

“After a strong 2013, office and retail activity declined in the first quarter while vacant land transactions in the Lower Mainland outsold all other commercial categories over this period,” Ray Harris, REBGV president, said.

Q1 2013 activity by category:

Land: There were 91 commercial land sales registered with LTSA in the Lower Mainland in Q1 2013, down 42.4 per cent from the 158 land sales in Q1 2012. The dollar value of land sales in Q1 2013 was $322 million, down 43.5 per cent from $569 million in Q1 2012.

Office and Retail: There were 159 office and retail sales in the Lower Mainland in Q1 2013, a 6.5 per cent decline from the 170 office and retail sales in Q1 2012. The dollar value of office and retail sales in Q1 2013 was $253 million, a 58 per cent decrease from $602 million in Q1 2012.

Industrial: There were 109 industrial land sales in the Lower Mainland in Q1 2013, down 14.2 per cent from the 127 industrial land sales in Q1 2012. The dollar value of industrial sales in Q1 2013 was $211 million, a 12.1 per cent increase from $188 million in Q1 2012.

Multi-Family: There were 25 multi-family sales in the Lower Mainland in Q1 2013, which is unchanged from the 25 sales in Q1 2012. The dollar value of multi-family sales in Q1 2013 was $99 million, a 15 per cent decline from $116 million in Q1 2012.

Vancouver, B.C. – March 5, 2013 – 

The dollar value from commercial real estate transactions in the Lower Mainland eclipsed the $5 billion mark in 2012. This is the first time the region’s commercial real estate market has reached this mark since 2009, according to data from Commercial Edge—a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).

Last year’s $5.21 billion total represents an 11.2 per cent increase from 2011 when the year’s dollar value was $4.686 billion, a 12 per cent increase from 2010’s total of $4.655 billion, and a 62.1 per cent increase of 2009 when the annual dollar value total was $3.215 billion.

The Commercial EDGE system includes all commercial real estate transactions in the Lower Mainland, excluding Pitt Meadows and Chilliwack, that have been registered with the Land Title and Survey Authority of British Columbia since 2009.

There were 1,875 commercial real estate sales in the Lower Mainland in 2012, according to Commercial EDGE. This is 2.6 per cent below the 1,926 sales recorded in 2011, 9.6 per cent above the 1,710 sales recorded in 2010 and an increase of 46 per cent from the 1,287 sales recorded in 2009.

“The strength of last year’s commercial real estate market can be attributed in part to an upswing in raw land sales in the region,” Eugen Klein, REBGV president said. “With this inaugural release of the quarterly Commercial EDGE report, we hope to help inform the public on trends occurring in our commercial real estate market.”