Commercial Real Estate Drops 30.4%

Any body who has driven around Chilliwack looking the empty commercial space for lease, sale or rent won’t be surprised by reports from Business in Vancouver that commercial real estate came crashing down in the third quarter of 2014 across the Lower Mainland.

[excerpt]The Lower Mainland’s high-flying commercial real estate market came down to earth with a thud in the third quarter of 2014, dropping 30.4% in total dollar volume from a year earlier and posting the lowest three-month sales volume since the start of 2013.

The total dollar volume in the third quarter was $1.2 billion, while the 404 commercial real estate sales was down 16% when compared with the third quarter of 2013, reports the Real Estate Board of Greater Vancouver (REBGV) in its Commercial Edge survey. Sales were also down 15.4% from the same period in 2012.

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