BC Business
Retail real estate investment lead the way in 2012.
On March 14th, Vancouver-based commercial real estate services company Avison Young released their semi-annual review of office, industrial, retail and multi-family property sales greater than $5 million in B.C.
Despite continued economic trouble south of the boarder, B.C. saw a banner year in 2012 with such real estate investment passing the $2 billion mark for the first time. Totaling $2.35 billion, the 117 transactions which occured across the province show that “investors’ appetite for B.C. commercial real estate in 2012 was insatiable,” said Avison Young principal and managing director of the company’s Vancouver office, Michael Keenan, in a press release.
Review Highlights:
Office Private buyers paid a total of $295.1 million for 30 separate properties, while institutional buyers spent $604.5 on six offices.
Retail A total of 48 retail real estate sales were made totaling $834 million, making retail the strongest performing asset class in 2012 in both deal and dollar volumes.
Industrial 2012 saw 38 industrial real estate transactions, valued at $341 million.
Multi-Family Multi-family real estate was one of the strongest performing areas, with 43 transactions totaling $629.7 million.
For a full pdf. copy of the report, click here.