Demand Reached 5-Year High In Vancouver’s Lower Mainland

Vancouver’s Lower Mainland commercial real estate seems to be doing well and continue to boom with more request for land, office, and retail that has to meet the 5-year high in just the second quarter of this year.

The report that was given by the Real Estate Board of Greater Vancouver showed that there were sales of 804 commercial real estates in the quarter, which increased by 30.9 per cent from the previous year and $2.056 billion worth of dollar that went up to 105.7 per cent.

Dan Morrison who is the president of REBGV said: “We continue to see record-setting demand in the commercial real estate market. Buyers remain active across all major commercial real estate categories in the Lower Mainland.”

The 73.5 per cent increase that land sales experienced made them lead the gains, as the percentage climb over the years to 340 transactions with a gain of 81.5 per cent on the value of the dollar to $1.019 billion. The multi-family sector went up by 25 per cent, with the industrial gain following by 20 per cent and the sales of office and retail up by 4.1 per cent.