By Altus Group | November 8, 2017

Vancouver Flash Report 2017

The Vancouver office leasing market adjusting to the significant new supply added in recent years.

Commercial investment & land market

  • Total investment property sales transaction volumes in the Vancouver Market Area reached $12.4 billion in 2016, shattering the previous record set just a year earlier with a 55% gain in capital flows compared to 2015.
  • Investment property sales transactions continued strong in the first half of 2017.
  • The decline in the land sectors was offset by strong increases for Office and Retail investment, each up by more than $500 million dollars.

Industrial & office markets

  • The Vancouver office leasing market adjusting to the significant new supply added in recent years.
  • The increase in Office investment in the first half of 2017 was boosted by three significant transactions with a combined value of over $614 million.
  • About 2.2 million square feet of net new industrial space was added over the four quarters ending Q3 2017, with another 2.6 million under construction.
  • Vancouver net rentals rates for new tenants leasing industrial space are typically higher than in other major Canadian markets.

Residential development market

  • New condominium apartment sales settle back to more sustainable levels.
  • 2016 was the best year yet recorded by Altus Group for total new homes sales in the Vancouver Market Area at just under 24,900 units, up 42%from 2015.
  • In the first half of 2017,36 new condominium apartment projects opened, adding just under 4,600 new units to the market.

Homebuyers

  • Interest in buying a first home has not faded.
  • Homebuying intentions are down this year in Vancouver among current homeowners, but have firmed up for renters.
  • First-time buyers have been an important component of the Vancouver housing market, accounting for more than half of end user buyers in recent years.
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