Commercial sales rise in Vancouver’s Lower Mainland

Commercial sales rise in Vancouver’s Lower Mainland

Commercial sales rise in Vancouver’s Lower Mainland The Lower Mainland saw increased activity last year in commercial real estate, with sales and values hitting 5-year highs. Data from the Real Estate Board of Greater Vancouver show a 7.3 per cent rise in sales to 1,963 in 2014 compared to the 1,829 in 2013. The value of sales rose to $6.086 billion compared to $5.585 billion in the year earlier. Land sales led the increases with a surge of 21.8 per cent in commercial land sales and 7 per cent in multi-family land; office sales rose 2.8 per cent; industrial was down 1.7 per cent.  Ray Harris, REBGV president said. “An increase in land transactions is often a signal of confidence in the market because it requires a multi-year investment."