Commercial real estate sales in the Lower Mainland fell almost 20% in the third quarter of 2018 compared to a year earlier.
There were 565 CRE sales according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).
Total dollar volume was down 0.9% to $3.903 billion.
“We’re seeing less demand across our commercial market compared to recent years and supply is beginning to ramp up with a number of projects expected to complete in our region over the next year,” said Phil Moore, REBGV president.
Sales by type
There were 199 commercial land sales in BC in the third quarter, down 34.8% year-over-year while total dollar volume fell 14.8% to $2.007 billion.
Office and retail sales were down 4.2% to 229 with a total dollar value of $1.377 a 45.5% increase from a year earlier.
There were 118 industrial land sales, down 12.6% year-over-year and the dollar value of industrial sales was $290 million in Q3 2018, a 30.1% year-over-year.
Nineteen multi-family land sales represented a 17.4% decrease Q3 2017. The dollar value of multi-family sales was $230 million, up 3.9% increase from a year earlier.