January 24, 2022

Commercial real estate recovery continued in Q3 2021

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.”

Q3 2021 activity by category

Land: There were 228 commercial land sales in Q3 2021, which is a 137.5 per cent increase from 96 land sales in Q3 2020. The dollar value of land sales was $1.839 billion in Q3 2021, a 15.5 per cent increase from $1.592 billion in Q3 2020.

Office and Retail: There were 235 office and retail sales in the Lower Mainland in Q3 2021, which is up 42.4 per cent from 165 sales in Q3 2020. The dollar value of office and retail sales was $489 million in Q3 2021, a 41.7 per cent increase from $345 million in Q3 2020.

Industrial: There were 153 industrial land sales in the Lower Mainland in Q3 2021, which is a 43 per cent increase from 107 sales in Q3 2020. The dollar value of industrial sales was $544 million in Q3 2021, a 116.7 per cent increase from $251 million in Q3 2020.

Multi-Family: There were 24 multi-family land sales in the Lower Mainland in Q3 2021, which is up 9.1 per cent from 22 sales in Q3 2020. The dollar value of multi-family sales was $378 million in Q3 2021, a 26.4 per cent increase from $299 million in Q3 2020.

Download the Q3 2021 Commercial Stats Package

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