There was an increase in the dollar value of properties sold in British Columbia’s Lower Mainland in the third quarter of 2013 according to data from Commercial Edge.

Commercial Edge, which is operated by the Real Estate Board of Greater Vancouver (REBGV), records commercial real estate transactions in the Lower Mainland — excluding Pitt Meadows and Chilliwack — which have been registered with the Land Title and Survey Authority (LTSA) of B.C.

Though the number of commercial property transactions continued to decline in comparison to recent years, the total dollar value of commercial sales climbed 16.6 per cent from the third quarter of 2012. Sales reached $1.411 billion, which was a 35.7 per cent increase from the second quarter of 2013.

Commercial Edge reported 393 commercial real estate sales in the Lower Mainland during the third quarter. While the value was up, sales declined 17.4 per cent in comparison to the third quarter of 2012.

“The total dollar value of commercial sales increased in the Lower Mainland last quarter thanks in large part to activity in the office and retail sector,” says Sandra Wyant, president of REBGV. “The total number of commercial sales in the region this year continues to trend behind what we saw between 2010 and 2012.”

By category, highlights of activity in the third quarter include:

• Land: 131 commercial land sales were registered with LTSA, in comparison to 147 land sales in the third quarter of 2012. The dollar value in the third quarter of 2013 was down 16.5 per cent from the same period in 2012.
• Office and retail: Lower Mainland saw 141 office and retail sales in this period. The dollar value was $575 million, a 95.6 per cent increase from the third quarter of 2012.
• Industrial: land sales were down 30.8 per cent from the same quarter last year.