Activity in the Lower Mainland’s commercial real estate market edged down in the second quarter (Q2) of 2022 from the brisker pace experienced at the start of the year.
There were 485 commercial real estate sales in the Lower Mainland in Q2 2022, a 34.3 per cent decrease from the 738 sales in Q2 2021, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).
The total dollar value of commercial real estate sales in the Lower Mainland was $3.265 billion in Q2 2022, a 12.2 per cent decrease from $3.719 billion in Q2 2021.
"With inflationary pressures driving interest rates and borrowing costs higher, commercial activity across most market segments has slowed since the start of the year,” said Andrew Lis, REBGV’s director, economics and data analytics. “Land deals remain elevated relative to the last few years, which is unsurprising given the robust demand for new housing supply in the Lower...