Lower Mainland Commercial Deals Down 30%
Third time might be a charm, but not if we’re talking the quarter just past in commercial real estate. The total dollar volume of commercial sales in the Lower Mainland in Q3 was $1.2B — a 30.4% decline from the same period last year, and the lowest quarterly dollar value since Q1 2013, according to Real Estate Board of Greater Vancouver. While the CRE market was quieter in Q3 versus previous quarters, REBGV president Ray Harris (snapped above at the board’s Quarter Century Club reception for members with 25-plus years of service) notes that overall activity in 2014 “continues to keep pace” with last year’s levels. There were 404 commercial sales in Q3 (a 16% dip from this time last year), with office representing the most active segment.