Burnaby commercial real estate sales rise $532M

Gladys T. Black

Industrial land sales by itself netted $497 million.

Sales exercise in the Reduced Mainland’s business real estate marketplace arrived at the next-maximum yearly overall on history in 2021, in accordance to the True Estate Board of Higher Vancouver (REBGV). 

And Burnaby is just one of the cities top the way in profits in four unique types.

In the fourth quarter of 2021, Burnaby observed $655 million in business homes – a $532M leap from the third quarter.

Burnaby saw 106 office and retail assets revenue, 44 industrial sites, a single multi-family members assets and 11 professional land product sales. The commercial land gross sales alongside marketed for virtually $500 million.

There ended up 2,659 professional true estate gross sales in the Decreased Mainland in 2021, a 65.3 for every cent boost from the 1,609 product sales in 2020, according to details from Commercial Edge, a industrial actual estate method operated by the Authentic Estate Board of Bigger Vancouver (REBGV). 

 Last year’s revenue complete is the second highest on file at the rear of 2016 when 2,848 revenue were being recorded.

 The complete dollar worth of business serious estate revenue in the Reduce Mainland was $14.396 billion in 2021, a 66.7 for every cent maximize from $8.635 billion in 2020.

 “Like residential buyers, corporations and traders became a lot more comfy working in the professional market place in the second yr of the pandemic,” mentioned Daniel John, REBGV chair, in a statement. “We observed dependable improves amid the distinct industrial assets sorts both in product sales volumes and dollar figures last calendar year.”

2021 activity by group

Land: There ended up 781 commercial land gross sales in 2021, which is an 86.8 for each cent increase from the 418 land sales in 2020. The dollar worth of land revenue was $7.28 billion in 2021, a 73.6 per cent raise from $4.193 billion in 2020.

Workplace and Retail: There were 1,041 workplace and retail gross sales in the Decrease Mainland in 2021, which is up 74.1 for each cent from the 598 gross sales in 2020. The greenback price of office and retail sales was $3.136 billion in 2021, a 77 for each cent raise from $1.772 billion in 2020.

Industrial: There were 712 industrial land revenue in the Lessen Mainland in 2021, which is a 36.9 per cent enhance from the 520 product sales in 2020. The dollar price of industrial revenue was $2.394 billion in 2021, a 61.1 for every cent maximize from $1.486 billion in 2020.

Multi-Relatives: There have been 125 multi-relatives land revenue in the Reduced Mainland in 2021, which is up 71.2 per cent from 73 profits in 2020. The dollar worth of multi-loved ones gross sales was $1.586 billion in 2021, a 33.9 for every cent maximize from $1.184 billion in 2020.

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