The Real Estate Board of Greater Vancouver says there’s an emerging patter of stability in the commercial real estate market.
While sales were down in the third quarter of 2023 compared with the year before, the board says demand for commercial properties is starting to re-emerge.
Commercial sales in the third quarter last year totalled 1.8 billion dollars, a 20.2 per cent drop from the same period the year before.
Andrew Lis, the board’s director of economics, says it’s too soon to say if the third quarter was the bottom of the cycle, but sales remained static in the fourth quarter, which could reflect a shift toward a more positive 2024.
