The CRE Investment & Development Team | Royal LePage Commercial has just published and distributed the North Vancouver Commercial Market Report for Q4 2022
Overview: North Vancouver's commercial real estate market saw significant changes in 2022, with notable fluctuations in rental rates and sales prices across different property types. The total commercial transaction volume dropped significantly compared to 2021.
Retail: The average $ per square foot for retail properties in North Vancouver increased by 24% in 2022 compared to 2021. The demand for retail spaces remained strong, driven by the growing economy and the area's proximity to downtown Vancouver in addition to a number of newly completed projects impacting average prices per SF.
Office: The average $ per square foot for office properties in North Vancouver increased by 14% in 2022 compared to 2021. The demand for office spaces remained stable, with a growing number of tech companies and small to medium-sized businesses seeking space in the area.
Industrial: The average $ per square foot for industrial properties in North Vancouver increased by 18% in 2022 compared to 2021. The demand for industrial spaces remained strong, driven by the growing economy, limited supply, and the need for storage and manufacturing facilities similar to other industrial markets.
Multifamily: The average $ per door for multifamily properties in North Vancouver decreased by 16% in 2022 compared to 2021.
Transaction Volume: The total commercial transaction volume in North Vancouver dropped by 69% in 2022 compared to 2021.
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