The June 24 vote by Britons to leave the 28-member bloc comes as commercial real estate sales in the Lower Mainland outpaced historical averages in the first quarter of this year, according to the Real Estate Board of Greater Vancouver.
The board said there were 660 commercial real estate sales here in the first three months of 2016 — a 26-per-cent increase over the 524 sales in the first quarter of last year.
The period was the most active quarter for commercial real estate in the past five years, the board said, reporting that there were $2.9 billion in commercial real estate sales in the region in the first quarter, about an 80-per-cent increase over the $1.6 billion in the first quarter of last year.
All asset classes have been busy in Q1 2016. Commercial land sales led the way with 271 transactions worth $1.7 billion, compared to 190 land deals worth $764 million in the first quarter of 2015. Office and retail sales climbed by 16 per cent to 201 deals, up from 174 sales, while the dollar value jumped 112 per cent to $815 million.
The number of industrial land sales climbed from 130 to 151, however the combined dollar value fell from $250 million to $229 million, an 8.5-per-cent decline.
Multi-family land sales climbed to 37 early this year, up from 30 deals last year, but the total value fell from $231 million to $191 million from Q1 in 2015.
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