Vancouver commercial real estate activity breaks record levels

Vancouver commercial real estate activity breaks record levels

Vancouver commercial real estate activity breaks record levels In a study released last week, commercial real estate service provider Altus Group revealed that transaction volume in the Vancouver market broke all previous records as activity intensified by 34 per cent quarter-over-quarter in Q2 2016, the sixth consecutive quarter of growth in B.C.’s most vibrant market.
 
This represented $3.75 billion worth of commercial sales in just those three months, the Financial Post reported. 875 transactions in the quarter were valued at $1 million or greater, while 11 to 14 transactions since Q3 2015 were worth more than $25 million.
 
Retail acquisitions increased by 114 per cent from the first quarter of the year, comprising 13.8 per cent of all transactions last quarter. Meanwhile, office purchases grew by 110 per cent quarter-over-quarter, accounting for 11.4 per cent of all Q2 transactions.
 
On the housing side, residential deals comprised 37.3 per cent of all transactions in Q2.
 
“The record-setting first half of 2016 has been fuelled by a combination of both high value asset trades as well as a sharp uptick in the deal velocity,” Altus Data Solutions Canada director Paul Richter said.
 
“The diversity in the market in terms of asset-by-asset contribution at all price levels, will remain key in maintaining momentum going forward.”

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