Positive market trends in Vancouver for the past five years have heightened business optimism among commercial real estate buyers and sellers. Buying and selling commercial property, however, especially for those new to it, can be daunting. Hiring a business broker offers many distinct advantages.
Commercial Real Estate Sales in Five Years
According to the Real Estate Board of Greater Vancouver (REBGV), a member-based association of more than thirteen thousand realty agencies, Metro Vancouver showed the highest growth in five years. Realtors had 660 transactions in Lower Mainland Vancouver during the first quarter in 2016, marking an increase of 26% from 2015.
Sales also increased by 78.1% in terms of total dollar value, from $1.63 billion in 2015 to $2.904 billion in 2016 for the same quarter. The commercial market picked up with land sales as the hottest property class, followed by office and retail properties.
Demand for Vancouver Commercial Real Estate
With more than 800 commercial real estate sales sold in the second quarter of 2016, Lower Mainland is projecting continued jump in sales. Vancouver commercial real estate is attractive to buyers due to low interest rates, weak Canadian dollar, and increasing employment record. The economic growth of 3% for British Columbia has a positive effect on the commercial market too, as it creates a buoyant market atmosphere which can sustain high commercial real estate demand in 2017.
Let a Business Broker Help You
Positive commercial estate trends can be maximized by hiring a business broker. A business broker has expertise in selecting high-yield properties due to experience and technical knowhow. He/she carefully analyses property costs, features, and socio-economic growth indicators. Access to buyer and seller databases and relevant industry contracts improve the quality and timeliness of a broker’s decision-making process and outcomes too.
Moreover, a business broker knows multiple valuation techniques he can use to a client’s advantage. He or she can determine the right market value through collecting and appraising market data and property costs. In addition, a business broker can lower risks. Commercial estate buyers, on their own, may enter into risky transactions because they lack market knowledge. A good broker seeks to reduce these risks by using relevant real estate information and technological resources.
A business broker knows how to make the most of positive commercial property trends in Vancouver. Brokers exhibit expertise through maximizing information and technical resources in coming up with the best real estate choices for commercial real estate buyers and sellers.
“Commercial real estate sales highest in five years,” Glen Korstorm, Business Vancouver, June 14, 2016
“Demand for Lower Mainland commercial real estate booming: REBGV,” News 1130, Sept. 25, 2016