Transactions Decline in Q2 for Lower Mainland Commercial Real Estate
News related to:Greater Vancouver Realtors · 2 min read
VANCOUVER, BC, CANADA, October 8, 2026 /CourierPR/ -- Commercial transactions in the Lower Mainland saw a significant decline in the second quarter of 2026, marking the third consecutive quarter of reduced activity. According to data from Commercial Edge, a commercial real estate system operated by Greater Vancouver Realtors (GVR), commercial transactions decreased by three percent compared to the same period last year, and by 14 percent from the previous quarter.
The Lower Mainland saw a total of 285 commercial real estate sales in the second quarter of 2026, which represents a 2.7 percent decrease from the 293 sales recorded in the second quarter of 2025. This decline is attributed to a variety of factors, including recent global economic turmoil, particularly the surging US bond yields, which have been seen as a harbinger of potential economic trouble ahead.
Andrew Lis, the chief economist and vice-president of data analytics at GVR, highlighted the impact of these economic conditions.
A notable soft spot in the second quarter data is the large pullback in office transactions, which fell 42 percent from the sales in the second quarter of 2025. Among all second quarter office transactions, only two sales transacted at prices north of ten million, which dragged office dollar volume down 63 percent from the previous quarter. This decline is attributed to a sizeable overhang of newly completed and unsold units that have been slow to sell due to weak demand.
In contrast, land transactions continued at a similar pace to recent quarters, which is surprising given current dynamics in the residential development space. The Lower Mainland saw 56 commercial land sales in the second quarter of 2026, representing a 3.7 percent increase from the 54 land sales in the second quarter of 2025. The dollar value of land sales was $537 million in the second quarter of 2026, marking a 38.9 percent increase from the $386 million recorded in the second quarter of 2025.
Office transactions in the Lower Mainland decreased by 28.1 percent in the second quarter of 2026, with the dollar value of office sales rising to $144 million from $85 million in the second quarter of 2025. This increase is attributed to a 68.4 percent rise in the dollar value of office sales from the previous quarter.
Retail and other commercial transactions in the Lower Mainland saw a 3.8 percent increase in the second quarter of 2026, with the dollar value of retail sales increasing to $442 million from $438 million in the second quarter of 2025. This increase is attributed to a 0.9 percent rise in the dollar value of retail sales from the previous quarter.
Industrial transactions in the Lower Mainland decreased by 2.4 percent in the second quarter of 2026, with the dollar value of industrial sales decreasing to $226 million from $332 million in the second quarter of 2025. This decrease is attributed to a 31.9 percent decline in the dollar value of industrial sales from the previous quarter.
Multi-family transactions in the Lower Mainland saw a significant increase, with the dollar value of multi-family sales rising to $193 million from $83 million in the second quarter of 2025. This increase is attributed to a 131.6 percent rise in the dollar value of multi-family sales from the previous quarter.