Newly released statistics show how the onset of the COVID-19 pandemic affected Metro Vancouver’s commercial real estate market.
According to the Real Estate Board of Greater Vancouver (REBGV), commercial real estate sales totalled 324 properties in the second quarter of 2020 — a 26.5% decline from the 441 sales in the same period in 2019.
But there was only a marginal decrease in the total dollar value of commercial real estate sales, dropping by just 1.1% from $1.514 billion in the second quarter of 2019 to $1.497 billion in the second quarter of 2020. This was largely offset by the 59.4% year-over-year value increase in office and retail sales.
“As COVID-19 forced an economic slowdown in the spring, sales activity in our commercial real estate market predictably followed,” said REBGV chair Colette Gerber in a statement.
“The pandemic has caused employers to adapt how they view and use commercial space. We’ll need more time and data throughout this year and beyond to fully understand how these changing perspectives are affecting our commercial real estate market.”
REBGV’s jurisdiction covers only parts of Metro Vancouver and the South Coast, entailing Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.
Real Estate, Industry
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