First half of 2016 commercial real estate sales eclipses all of 2015 in Metro Vancouver

December 28, 2016 11:50 pm

the vancouver sun

A small number of big office deals pushed Metro Vancouver’s commercial real estate sales figures to a new record in 2016, with the first-half numbers surpassing the entire total for the previous year, according to Colliers International’s Metro Vancouver Investment Report.

Halfway through 2016, Metro Vancouver commercial real estate deals totalled $4.28 billion across 819 transactions, smashing 2015’s full-year total of $4.25 billion and 695 transactions, according to the report released earlier this month. The report assessed all commercial investment deals in the region valued at $1 million or more, including office, industrial, retail and multi-family properties.

The office sector experienced the highest sales increase from the same period last year due to a few high-profile acquisitions, including sales of the Bentall Centre, the Royal Centre and the United Kingdom building in downtown Vancouver — sold separately for a total of nearly $1.57 billion.

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