Mid-Year BC Real Estate Investment Review
BBOT member Avison Young has released it’s Mid-Year 2016 BC Real Estate Investment Review. The semi-annual report tracks British Columbia office, industrial, retail and multi-family property sales transactions greater than $5 million.
Some key trends noted in the report:
The value of commercial real estate investment in British Columbia achieved new heights in the first half of 2016 driven by the disposition of trophy office assets in downtown Vancouver. The billion-dollar sale of the Bentall Centre office portfolio powered BC’s investment totals to a new record in 2016 and will likely come to represent the peak of the market for some time to come.
With 65 transactions completed and proceeds of $2.74 billion in the first half of 2016 alone – the previous six-month dollar volume record was $1.79 billion in the second half of 2015, and the 12-month record of $2.67 billion was also set in 2015 – it is highly unlikely that these levels of investment activity will be repeated in this current market cycle.