Commercial real estate: Smaller businesses driving ‘condo office’ market to curb high leasing costsJuly 4, 2016 7:02 pm
Demand and investment is mounting in Metro Vancouver for strata office units as values for those assets reach levels comparable with residential condos in the region, say local experts and investors.
In the past two years there has been roughly $280 million worth of sales in strata offices in Metro Vancouver — also known as office condos — according to a report by Colliers International. The report revealed that strata office sales reached $120 million by the third quarter of last year — nearly twice the total from 2010.
“Although the 2015 office condo market recorded lower sales volume in comparison to 2014, it is more an indication of a lack of quality product than a lack of demand,” the report said, which highlighted Downtown Vancouver and the West Broadway corridor as locations with the highest purchase prices.
Categorized in: The Vancouver Sun