Commercial real estate in the Vancouver area grew 15% year over year in the first quarter of the year, and at $2.7 billion it also marks the highest total since Q4 2018. , with the increase this time led by apartment sales. , a new report from Altus Group says.
There was $738 million in investment in the multifamily sector alone, marking a 73% year-on-year increase in Q1, but it was also the highest total quarterly investment since the Altus Group began track transactions 22 years ago. Forty percent of multifamily investing comes from a single portfolio transaction, which includes 614 doors across 15 buildings valued at $292.5 million.
Vancouver’s industrial sector performed very well in the first quarter of 2021, with occupancy hitting a record low in the area. Altus said investors and owners/users invested $649 million in the sector, up 12% from the first quarter of last year. The city’s retail sector also performed well in the first quarter with investment up 79% YoY and 40% QoQ, with total investment of $386 million. The majority of retail transactions, at least what Altus calls most important, are multi-tenant properties with steady income and, in some cases, the potential for long-term growth. Although vacancy rates for retail space are increasing in the Vancouver area, investment activity is also increasing.
In terms of transaction volume, Vancouver’s office sector had a rough first quarter, however, investment was up 86% year-over-year with $243 million in investments. One transaction accounted for 43% of the total volume — it was Low Tide Properties and PCI Group’s purchase of joint venture 1077 Great Northern Way — and office owners, according to Altus, were reluctant to sell their properties, possibly because they were persistent How is the ring? during the COVID-19 pandemic seems to be coming to an end.
Vancouver’s residential land sector had a tough Q1-2021, with investment falling 43 percent year-on-year to $271 million, marking 11 consecutive quarters of annual decline.
https://www.canadianrealestatemagazine.ca/news/vancouvers-commercial-sector-had-robust-q1-showing-334762.aspx | Vancouver’s commercial sector had robust Q1 showing