By Kerry Gold, Real Estate News EXchange
British Columbia’s commercial real estate market experienced a banner year in 2021, with a higher-than-usual number of deals valued at over $100 million, making for an impressive top-10 list of transactions.
Industrial, multiresidential, mixed-use development land and office are proven sectors showing no signs of slowing through 2022, industry experts say. There might not have been an outlier like the huge $1-billion Bentall Centre deal in 2016, but a series of major deals showed the Greater Vancouver Area and Victoria are benefiting from a strong investment environment.
“It’s remarkable how resilient real estate in Vancouver has been across all asset classes,” Colliers senior managing director Darrell Hurst told RENX.
The largest Metro Vancouver transaction in 2021 was Intracorp’s expansion of the Ashley Mar housing co-op at Marine Drive and Cambie Street, a 1.5-acre residential deal valued at more than $300 million, according to Colliers. Intracorp is partnered with Oxford Properties on the redevelopment.
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