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Software, data technology services company Altus Group has announced results for the first quarter of 2017 commercial real estate investment in the Vancouver market area, showing the region making significant strides since recording began. Q1 2017 saw a total of 498 investment property sales transactions each worth over $1 million, adding up to a total investment value of $3.4 billion. The results represent an increase of 32 percent from the previous quarter, and marks the highest first quarter recorded by Altus Group and the second highest quarter overall.
The combined value of the top four transactions was $935.6 million, buoying the first quarter surge in activity. Sales of the Oakridge Centre, Waterfront Centre, Granville Square and Arbutus Manor were the biggest recorded transactions. Cadillac Fairview sold half of the Waterfront Centre and Granville Square to the Ontario Pension Board and the Workplace Safety and Insurance Board, who each take a 25 percent stake in the properties.
The number of deals in the first quarter increased slightly from 462 to 498 transactions, but remains below the peak market numbers of Q2 2016, which experienced 860 transactions. Although retail and office investment reached record levels in Q1 2017, the residential land sector once gain dominated the rankings with a 31.3 percent share of the pie, despite dollar volumes declining in comparison to both the previous quarter and the year earlier.
"A handful of high value/high quality assets took some of the spotlight off of the pure land markets in the first quarter," said Paul Richter, Director, Data Solutions, Altus Group. "The interest in land for future residential development, however, remains relatively strong."
