Commercial land sales alone brought in $497 million.
Sales activity in the Lower Mainland commercial real estate market hit the second-highest annual total on record in 2021, according to the Real Estate Board of Greater Vancouver (REBGV).
And Burnaby is one of the top selling cities in four different categories.
In the fourth quarter of 2021, Burnaby saw $655 million in commercial properties – a jump of $532 million from the third quarter.
Burnaby recorded 106 office and retail property sales, 44 industrial sites, one multi-family property and 11 commercial land sales. Commercial land sales sold for nearly $500 million.
There were 2,659 commercial real estate sales in the Lower Mainland in 2021, a 65.3% increase from 1,609 sales in 2020, according to data from Commercial Edge, a commercial real estate system operated by Real Estate. Board of Greater Vancouver (REBGV).
Last year’s sales total is the second highest on record behind 2016, when 2,848 sales were recorded.
The total dollar value of commercial real estate sales in the Lower Mainland was $14.396 billion in 2021, a 66.7% increase from $8.635 billion in 2020.
“As residential consumers, businesses and investors have become more comfortable operating in the commercial market during the second year of the pandemic,” said Daniel John, president of REBGV, in a statement. “We have seen consistent increases among the different types of commercial properties in both sales volumes and dollar figures last year.”
2021 activity by category
Ground: There were 781 commercial land sales in 2021, an increase of 86.8% from 418 land sales in 2020. The dollar value of land sales was $7.28 billion in 2021, or a 73.6% increase from $4.193 billion in 2020.
Office and Commerce: There were 1,041 office and retail sales in the Lower Mainland in 2021, representing a 74.1% increase from 598 sales in 2020. The dollar value of office and retail sales was $3.136 billion in 2021, a 77% increase from $1.772 billion in 2020. 2020.
Industrial: There were 712 sales of industrial land in the Lower Mainland in 2021, an increase of 36.9% from 520 sales in 2020. The dollar value of industrial sales was $2.394 billion in 2021, an increase by 61.1% compared to $1.486 billion in 2020.
Several families: There were 125 multi-family land sales in the Lower Mainland in 2021, representing a 71.2% increase from 73 sales in 2020. The dollar value of multi-family land sales was $1.586 billion in 2021, a 33.9% increase from $1.184 billion in 2020. 2020.