Commercial real estate sales in Lower Mainland were the second highest in recorded history, netting $14.39 billion in 2021, according to the latest report from the Real Estate Board of Greater Vancouver (REBGV).
And Richmond is one of the driving forces behind the booming commercial real estate market.
In 2021, Richmond saw $1.45 billion in sales of commercial properties – a growth of $739 million from 2020.
Daniel John, the chair of REBGV, said residential consumers, businesses and investors became more comfortable operating in the commercial market in the second year of the pandemic.
“We saw consistent increases among the different commercial property types both in sales volumes and dollar figures last year,” said John.
Richmond saw 101 office and retail property sales, 168 industrial sales, one multi-family unit and 30 land sales in 2021.
Meanwhile, there were 2,569 commercial real estate sales in Lower Mainland in 2021, which is a 65.3 per cent increase from the 1,609 sales in 2020, according to data from Commercial Edge, a commercial real estate system operated by the REBGV.
2021 Richmond's commercial activity by category
Office and Retail: There were 101 office and retail sales in Richmond in 2021, down from 102 sales in 2020. However, the dollar value of office and retail sales was $204 million in 2021, an increase from $203 million in 2020.
Land: There were 30 commercial land sales in Richmond in 2021, up from 17 land sales in 2020. The dollar value of commercial lands sales was $566 million in 2021, an increase from $151 million in 2020.
Industrial: There were 168 industrial land sales in Richmond in 2021, up from 119 sales in 2020. The dollar value of industrial land was $635 million in 2021, an increase from $357 million in 2020.
Multi-Family Unit: There was only one multi-family unit sale in Richmond in 2021, up from zero sale in 2020. The dollar value of multi-family land was $45 million in 2021, a significant increase from zero in 2020.
