Altus Group, a leading provider of commercial real estate services, software and data solutions, today announced the results for the second quarter of 2017 commercial real estate investment in the Vancouver market area. While overall investment volumes of $3.4 billion were relatively flat when compared to the previous quarter, the first half of 2017 in total equalled the record of $6.9 billion set in the first half of 2016.
Land transactions (Residential and ICI combined) accounted for 54% of the overall capital flows in Q2, just short of the average over the past ten quarters of 59%.
The top ten transactions of the quarter totalled $908 million, including six transactions in excess of $50 million, and three transactions in excess of $100 million.
The top three transactions were:
- Metrotower I & II, Burnaby, $274.4 million; a 616,000 square foot Office complex
- Dawson Street & Willingdon Avenue, Burnaby, $152 million; a Brentwood area, 8.128 acre, high-density, Residential Land development site
- McKeen Avenue & Senator Road, North Vancouver; $115 million; a 27.528 acre ICI Land development site
The Burnaby ($152M) and North Vancouver ($115M) land transactions included holding income from the existing Industrial uses.
“While many are skeptical about the ability of these investment levels to continue, we still see transactions at all price points recorded, including the trading of exceptionally high valued assets. Land markets continue to be the primary contributors to total sales volumes, but all the major asset classes are recording impressive transaction volumes,” noted Paul Richter, Director, Data Solutions, Altus Group.