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Richmond commercial real estate sales increased by $739 million last year

By on April 2, 2022 0

Richmond is one of the driving forces behind the boom in the commercial real estate market.

Sales of commercial real estate in the Lower Mainland were the second highest in recorded history, bringing in $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 recorded $1.45 billion in commercial property sales, a growth of $739 million from 2020.

Daniel John, chairman of REBGV, said residential consumers, businesses and investors have become more comfortable operating in the commercial market in the second year of the pandemic.

“We’ve seen consistent increases across the different types of commercial properties, both in sales volume and dollars over the past year,” John said.

Richmond recorded 101 office and retail property sales, 168 industrial sales, one multifamily unit and 30 land sales in 2021.

Meanwhile, there were 2,569 commercial real estate sales in the Lower Mainland in 2021, a 65.3% increase from 1,609 sales in 2020, according to data from Commercial Edge, a commercial real estate system. operated by the REBGV.

Richmond Business Activity in 2021 by Category

Office and retail: There were 101 office and retail sales in Richmond in 2021, compared to 102 sales in 2020. However, the dollar value of office and retail sales was $204 million. dollars in 2021, an increase from $203 million in 2020.

Land: There were 30 commercial land sales in Richmond in 2021, compared to 17 land sales in 2020. The dollar value of commercial land sales was $566 million in 2021, an increase from $151 million. dollars in 2020.

Industrial: There were 168 sales of industrial land in Richmond in 2021, compared to 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, compared to zero sales in 2020. The dollar value of multi-family land was $45 million in 2021, a significant increase from to zero in 2020.