Sales of commercial and industrial real estate in Edmonton were down in the first half of 2013, compared to the same period last year.

According to the Realtors Association of Edmonton, the total number of sales were down four per cent, while the value of sales were down eight per cent.

Nevertheless, this is the second year in a row that the value of sales have passed the $1 billion mark by mid-year. There were 298 sales, at a total value of $1.1 billion.

“Increasing land values on individual properties are being driven by activity around the proposed downtown arena,” says Mike Eurchuk, chair of the Realtors Association of Edmonton’s commercial land division. “Industrial property is moving well but I anticipate an increase in individual industrial land parcels to end users for development of their own facilities.”

Land accounts for 41 per cent of the total dollar value of transactions. At $230 million, the value of urban development land sales was almost double the same period last year.

The total value of multi-family properties, industrial buildings and industrial/commercial condos was up.

Commercial buildings dropped from $497 million to $162 million.

Each sub-sector, with the exception of industrial buildings, recorded a decline in the number of sales.