Sales activity in the Lower Mainland’s commercial real estate market reached the second-highest annual total on record in 2021.
There were 2,659 commercial real estate sales in the Lower Mainland in 2021, a 65.3 percent increase from the 1,609 sales in 2020, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).
Last year’s sales total is the second-highest on record behind 2016 when 2,848 sales were recorded.
The total dollar value of commercial real estate sales in the Lower Mainland was $14.396 billion in 2021, a 66.7 percent increase from $8.635 billion in 2020.
"Like residential consumers, businesses and investors became more comfortable operating in the commercial market in the second year of the pandemic," Daniel John, REBGV Chair said. "We saw consistent increases among the different commercial property types both in sales volumes and dollar figures last year."