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Pacific Canada  + Canada + Cross Border News  + Industrial  | 
Canadian industrial investors are starting to return large amounts of space to the market.

Vancouver Industrial Land Sales Down 59%

High borrowing costs are prompting a sharp decline in Vancouver industrial land sales, says a new report.

Industrial land sales declined 59% year-over-year in the second quarter, said the Real Estate Board of Greater Vancouver. A total of 66 industrial properties sold in the second quarter of 2023 compared to 161 a year earlier.

“Real estate transactions across the Lower Mainland have been affected by some of the highest borrowing costs we’ve seen in over 10 years,” said Andrew Lis, REBGV’s director of economics and data analytics, in the report. “With the landscape for monetary policy looking set where it is for at least the near-term, it’s likely we’ll see the commercial real estate market continue along this trajectory for the rest of 2023.”

Sales fell in all commercial real estate investment categories covered. Commercial land sales dropped 62.6% while office and retail asset purchases declined 51.3%. Multi-family land sales took the softest hit, dipping 38.7%.


Inside The Story

Real Estate Board of Greater VancouverMonte Stewart

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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