Though commercial real estate activity was very slow in the Vancouver during the first quarter of 2019, there was one bright light among the asset classes: Office sales.
In fact, not only were Office sales the only class whose volume was up from Q1-2018, but sales were also up from Q1-2017 (which, at the time, had been considered a strong quarter). Dollar sales jumped 34% from one year ago and 3% from two years ago primarily due to strong performances in Vancouver (up 49%), Richmond (up 1565%), Surrey (up 87%) and Tri-Cities (up 100%). On the transactions side, Q1-2018’s 49 sales were down just 2% and 12% from Q1-2018 and Q1-2017 respectively.
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