Pandemic restoration continues for Decrease Mainland industrial actual property

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Within the third quarter of 2021, gross sales grew virtually 65 p.c year-over-year, the Actual Property Board of Higher Vancouver stories

Judging from some latest numbers, the Decrease Mainland’s industrial actual property market retains making a great restoration because the COVID-19 pandemic continues.

The area noticed 640 industrial property gross sales within the third quarter of final yr, in line with knowledge from Industrial Edge, a system operated by the Actual Property Board of Higher Vancouver (REBGV). Constructing on increased exercise throughout all classes within the first half, that’s a 64.1-percent surge over 390 gross sales in the course of the third quarter of 2020.

For Q3 of 2021, the full greenback worth of economic actual property gross sales within the Decrease Mainland was $3.250 billion, up 30.7 p.c year-over-year, from $2.487 billion.

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“Industrial actual property exercise recovered steadily within the first three quarters of 2021 in opposition to 2020 ranges as shopper and enterprise confidence returned from the preliminary uncertainty that the COVID-19 pandemic precipitated,” REBGV economist Keith Stewart stated in a launch. “Specifically, the power of land acquisition exercise factors to new growth curiosity throughout the area.

Decrease Mainland Industrial Actual Property Gross sales, Q3 2021