Pandemic recovery continues for Lower Mainland commercial real estate

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In the third quarter of 2021, sales grew almost 65 percent year-over-year, the Real Estate Board of Greater Vancouver reports

Judging from some recent numbers, the Lower Mainland‘s commercial real estate market keeps making a good recovery as the COVID-19 pandemic continues.

The region saw 640 commercial property sales in the third quarter of last year, according to data from Commercial Edge, a system operated by the Real Estate Board of Greater Vancouver (REBGV). Building on higher activity across all categories in the first half, that’s a 64.1-percent surge over 390 sales during the third quarter of 2020.

For Q3 of 2021, the total dollar value of commercial real estate sales in the Lower Mainland was $3.250 billion, up 30.7 percent year-over-year, from $2.487 billion.

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“Commercial real estate activity recovered steadily in the first three quarters of 2021 against 2020 levels as consumer and business confidence returned from the initial uncertainty that the COVID-19 pandemic caused,” REBGV economist Keith Stewart said in a release. “In particular, the strength of land acquisition activity points to new development interest across the region.

Lower Mainland Commercial Real Estate Sales, Q3 2021