Commercial real estate sees strong activity in Q2 2021
The increased activity seen in the Lower Mainland’s commercial real estate market in the beginning of 2021 carried into the second quarter (Q2) of the year.
There were 726 commercial real estate sales in the Lower Mainland in Q2 2021, a 114.8 per cent increase from the 338 sales in Q2 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 $3.635 billion in Q2 2021, a 130.4 per cent increase from $1.578 billion in Q2 2020.
"Commercial real estate activity continued to strengthen in the second quarter of 2021, with sales reaching levels that we haven’t seen in four years," Keith Stewart, REBGV economist said. “Land acquisition is particularly strong as investors are demonstrating confidence in new development potential in our region.”
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 2020.
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.