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Vancouver's commercial real estate investment volumes remained above $3 billion over 2017's third quarter, resulting in the strongest nine-month period on record. Altus Group, provider of commercial real estate services, software and data solutions, recently announced the good news, which demonstrates investors' confidence in the region.
Land transactions in the residential and ICI categories accounted for 72 percent of overall capital flows in the third quarter, a significant bump over the 10-year average of just over half. The sectors also performed well against the dollar volumes recorded in Q2, seeing double-digit increases of 20 and 14 percent respectively. Investment in office and retail spaces was down after a strong first half, though year-to-date, has steeply risen above last year by 78 and 61 percent.
The industrial sector was the big winner. Experiencing the most significant jump in deal flow, rising to 70 transactions from 44 in the previous quarter, the industrial bracket, at 44 percent, had the strongest quarter-to-quarter increase in dollar volume. Unsurprisingly, over half of the industrial transactions occurred in Vancouver, Surrey and Burnaby. A further 40 percent took place in Richmond and Delta.
Paul Richter, director of data solutions at Altus Group, says successive robust performances bode well for fourth quarter numbers. "Investors continue to be attracted to the Vancouver Market Area," he said. "Based on the results through Q3, 2017 has the potential to be another record year for commercial real estate investment."
