2022 Q1

Greater Vancouver Office Sales Market Report

Klein | Reports | 2022 - Q1 Commercial Office Market Report
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Sources: Real Estate Board of Greater Vancouver, Commercial Edge; Canadian Real Estate Association, MLS®; Altus Group; Statistics Canada; Landcor; RealNet.

Disclaimer: Data has been obtained from sources considered to be reliable. However, no representation or warranty, expressed or implied, is made as to the accuracy of any of the information, projections or conclusions contained  herein, and the same is submitted subject to errors and omissions, without any obligation to update or correct.

Highlights

How Office properties have responded to the market.

100
2022 Q1 Sales Transactions
$110B
2022 Q1 Sales Volume
440

Largest Market Share - City

2022 Q1

Greater Vancouver Overview

Total Sales & Transaction Volume
20182019202020212022
Sales$ Volume%Sales$ Volume%Sales$ Volume%Sales$ Volume%Sales$ Volume%
Burnaby24$ 304,009,65916%24$ 68,536,12511%29$ 45,617,0006%32$ 129,742,07614%6$ 13,988,47611%$ 0
Coquitlam13$ 28,274,7002%9$ 44,338,9517%8$ 41,447,0006%13$ 81,212,2279%1$ 1,150,0001%$ 0
New Westminster12$ 136,722,4487%13$ 26,272,3764%4$ 3,812,5001%9$ 25,491,4503%1$ 2,105,0002%$ 0
North Vancouver14$ 49,995,2523%13$ 21,457,5003%29$ 87,919,02812%30$ 78,502,4759%3$ 13,116,00011%$ 0
Port Coquitlam11$ 13,460,5651%3$ 21,573,5003%6$ 40,180,0006%9$ 28,611,0003%0$ 00%$ 0
Port Moody9$ 19,087,2001%4$ 8,617,0001%24$ 7,665,0001%0$ 00%1$ 3,668,8883%$ 0
Richmond53$ 196,659,39910%40$ 96,722,56415%70$ 174,256,60024%39$ 116,597,54913%2$ 1,288,0001%$ 0
Vancouver145$ 1,053,039,93256%101$ 334,615,88353%112$ 318,946,59844%127$ 419,342,80046%22$ 84,690,49668%$ 0
West Vancouver4$ 74,650,0014%3$ 7,610,0001%1$ 2,500,0000%6$ 31,168,7363%1$ 4,200,0003%$ 0
Grand Total285$ 1,875,899,156100%210$ 629,743,900100%283$ 722,343,726100%265$ 910,668,313100%37$ 124,206,860100%$ 0
2018
Burnaby24$ 304,009,65916%
Coquitlam13$ 28,274,7002%
New Westminster12$ 136,722,4487%
North Vancouver14$ 49,995,2523%
Port Coquitlam11$ 13,460,5651%
Port Moody9$ 19,087,2001%
Richmond53$ 196,659,39910%
Vancouver145$ 1,053,039,93256%
West Vancouver4$ 74,650,0014%
Grand Total285$ 1,875,899,156100%
2019
Burnaby24$ 68,536,12511%
Coquitlam9$ 44,338,9517%
New Westminster13$ 26,272,3764%
North Vancouver13$ 21,457,5003%
Port Coquitlam3$ 21,573,5003%
Port Moody4$ 8,617,0001%
Richmond40$ 96,722,56415%
Vancouver101$ 334,615,88353%
West Vancouver3$ 7,610,0001%
Grand Total210$ 629,743,900100%
2020
Burnaby29$ 45,617,0006%
Coquitlam8$ 41,447,0006%
New Westminster4$ 3,812,5001%
North Vancouver29$ 87,919,02812%
Port Coquitlam6$ 40,180,0006%
Port Moody24$ 7,665,0001%
Richmond70$ 174,256,60024%
Vancouver112$ 318,946,59844%
West Vancouver1$ 2,500,0000%
Grand Total283$ 722,343,726100%
2021
Burnaby32$ 129,742,07614%
Coquitlam13$ 81,212,2279%
New Westminster9$ 25,491,4503%
North Vancouver30$ 78,502,4759%
Port Coquitlam9$ 28,611,0003%
Port Moody0$ 00%
Richmond39$ 116,597,54913%
Vancouver127$ 419,342,80046%
West Vancouver6$ 31,168,7363%
Grand Total265$ 910,668,313100%
2022
Burnaby6$ 13,988,47611%
Coquitlam1$ 1,150,0001%
New Westminster1$ 2,105,0002%
North Vancouver3$ 13,116,00011%
Port Coquitlam0$ 00%
Port Moody1$ 3,668,8883%
Richmond2$ 1,288,0001%
Vancouver22$ 84,690,49668%
West Vancouver1$ 4,200,0003%
Grand Total37$ 124,206,860100%
$ Volume And Number Of Transactions
Row Labels$ VolumeTransactions
20181894986356.08294
Qtr160270585463
Qtr2359034684.5266
Qtr331347410775
Qtr4619771710.5690
2019638360899.56214
Qtr1106342733.1639
Qtr2213303711.7475
Qtr3158623913.6652
Qtr416009054148
2020722343725.88267
Qtr112448380147
Qtr2269432996101
Qtr3160697035.1364
Qtr4167729893.7555
2021910668313.16265
Qtr1224654907.3765
Qtr2249724645.881
Qtr3159716771.9945
Qtr427657198874
2022124206860.1937
Qtr1124206860.1937
Office Market Share

2022 Q1

Burnaby Office Sales

Sales & Price By Neighbourhood
Transaction NameSale PriceProperty Size (SF)Price/SF
Unit 400, 4460 Beresford Street$ 2,230,000 1,880 $ 1,186
Unit 201, 3989 Henning Drive$ 1,545,000 2,057 $ 751
Unit 405, 4378 Beresford Street$ 800,000 733 $ 1,091
$ Volume And Number Of Transactions
Row LabelsDollar VolumeNumber of Sales
2018598009404.0031
Qtr1259386204.009
Qtr2192822000.0010
Qtr3108241200.007
Qtr437560000.005
2019217867080.0027
Qtr1119176750.007
Qtr29147050.008
Qtr37358280.005
Qtr482185000.007
202093127017.6820
Qtr13141960.003
Qtr283833977.6811
Qtr34734280.005
Qtr41416800.001
202148960062.0028
Qtr17045000.003
Qtr24130000.002
Qtr35620000.002
Qtr432165062.0021
20224575000.003
Qtr14575000.003
Grand Total962538563.68109
Quarterly Total Volume (Sf)
Row LabelsPrice/SF (Average)Price/SF (Lowest)Price/SF (Highest)Total Size (SF)
20180000
Qtr1615.13195.001036.00635169.00
Qtr2591.10243.001002.00575942.00
Qtr3673.57338.001002.00311493.00
Qtr4532.80370.00855.0095538.00
20190000
Qtr1456.71231.00891.00314192.00
Qtr2475.88288.00959.0020829.00
Qtr3830.40442.001031.0010643.00
Qtr4535.71402.00644.00175074.00
20200000
Qtr1676.67413.00977.005067.00
Qtr2743.36456.001120.00176268.00
Qtr3732.40666.00838.006718.00
Qtr4770.00770.00770.001840.00
20210000
Qtr1589.67412.00760.0010331.00
Qtr2944.50763.001126.004578.00
Qtr3411.00411.00411.002723.00
Qtr41273.38913.001435.0025219.00
20220000
Qtr11009.33751.001186.004670.00
Grand Total762.56195.001435.002376294.00

2022 Q1

Coquitlam Office Sales

Sales & Price By Neighbourhood
Transaction NameSale PriceSize (SF)Price/SF
No Transaction in 2022-Q1---
$ Volume And Number Of Transactions
Row LabelsDollar VolumeNumber of Sales
201824880001
Qtr224880001
2019199260005
Qtr1174700002
Qtr26000001
Qtr318560002
202000
Qtr100
Qtr200
Qtr300
Qtr400
202182750004
Qtr112500001
Qtr200
Qtr335500002
Qtr434750001
202200
Qtr100
Grand Total3068900010
Quarterly Total Volume (Sf)
Row LabelsPrice/SF (Average)Price/SF (Lowest)Price/SF (Highest)Total Size (SF)
20180000
Qtr24454454455585
20190000
Qtr1507.539162436275
Qtr2766766766783
Qtr3734.56957742509
20200000
Qtr10000
Qtr20000
Qtr30000
Qtr40000
20210000
Qtr1000834
Qtr20000
Qtr35825805846093
Qtr44814814817225
20220000
Qtr10000
Grand Total593.3333333333339177459304

2022 Q1

New Westminster Office Sales

Sales & Price By Neighbourhood
Transaction NameSale PriceSize (SF)Price/SF
65 Richmond Street$ 7,140,000 18,800 $ 380
630 5th Street$ 1,550,000 2,576 $ 602
$ Volume And Number Of Transactions
Row LabelsDollar VolumeNumber of Sales
201889193296
Qtr117510054
Qtr365000001
Qtr46683241
2019473630005
Qtr3153380002
Qtr4320250003
202073000007
Qtr127700001
Qtr201
Qtr301
Qtr445300004
2021339587505
Qtr167500001
Qtr200
Qtr3100087503
Qtr4172000001
202286900002
Qtr186900002
Grand Total10623107925
Quarterly Total Volume (Sf)
Row LabelsPrice/SF (Average)Price/SF (Lowest)Price/SF (Highest)Total Size (SF)
20180000
Qtr1597.755286503026
Qtr341041041015860
Qtr45685685681176
20190000
Qtr3440.533055146140
Qtr4392.87574423359307.6272327007752097171
20200000
Qtr15755755754817
Qtr20000
Qtr30000
Qtr4499.2528977611559
20210000
Qtr153253253212699
Qtr20000
Qtr3652.551379212030
Qtr437737737745617
20220000
Qtr149138060221376
Grand Total508.9376014864289792271471

2022 Q1

North Vancouver Office Sales

Sales & Price By Neighbourhood
Transaction NameSale PriceSize (SF)Price/SF
3745 Delbrook Avenue$ 1,150,000 1,428 $ 805
$ Volume And Number Of Transactions
Row LabelsDollar VolumeNumber of Sales
20181405177514
Qtr136180005
Qtr29650001
Qtr379057756
Qtr415630002
20191425000013
Qtr124150003
Qtr256700003
Qtr340300005
Qtr421350002
2020245280008
Qtr1171080003
Qtr246000002
Qtr38400001
Qtr419800002
20211305350010
Qtr110500001
Qtr283535007
Qtr300
Qtr436500002
202211500001
Qtr111500001
Grand Total6703327546
Quarterly Total Volume (Sf)
Row LabelsPrice/SF (Average)Price/SF (Lowest)Price/SF (Highest)Total Size (SF)
20180000
Qtr1554.44306676641
Qtr25235235231845
Qtr3745.5572108511133
Qtr4780.57088532006
20190000
Qtr1703.333333333335497863506
Qtr268344089711163
Qtr380463010655345
Qtr47186797572981
20200000
Qtr1838670100124576
Qtr27176757596243
Qtr3989989989849
Qtr46926457392952
20210000
Qtr18478478471240
Qtr2743.8571428571465087311856
Qtr30000
Qtr47597317874881
20220000
Qtr18058058051428
Grand Total731.34782608696430108598645

2022 Q1

Port Coquitlam Office Sales

Sales & Price By Neighbourhood
Transaction NameSale PriceSize (SF)Price/SF
No transaction in 2022-Q1---
$ Volume And Number Of Transactions
Row LabelsDollar VolumeNumber of Sales
201920130003
Qtr15930001
Qtr38000001
Qtr46200001
202028724003
Qtr100
Qtr224000002
Qtr34724001
Qtr400
202113018702
Qtr100
Qtr213018702
Qtr300
Qtr400
202200
Qtr100
Grand Total61872708
Quarterly Total Volume (Sf)
Row LabelsPrice/SF (Average)Price/SF (Lowest)Price/SF (Highest)Total Size (SF)
20190000
Qtr15665665661047
Qtr33073073072607
Qtr45785785781073
20200000
Qtr10000
Qtr24574314835320
Qtr3523523523904
Qtr40000
20210000
Qtr10000
Qtr23813793833415
Qtr30000
Qtr40000
20220000
Qtr10000
Grand Total456.2530757814366

2022 Q1

Richmond Office Sales

Sales & Price By Neighbourhood
Transaction NameSale PriceSize (SF)Price/SF
Unit 310, 5508 Hollybridge Way$ 3,950,0003914$ 1,009
Unit 125, 8600 Cambie Street$ 1,108,0001370$ 809
Unit 2225, 4871 Shell Road$ 1,010,0001513$ 668
Unit 120, 8600 Cambie Road$ 860,0001053$ 817
$ Volume And Number Of Transactions
Row LabelsDollar VolumeNumber of Sales
20183590450018
Qtr1124958008
Qtr2170757003
Qtr358180006
Qtr45150001
2019340680359.1975
Qtr12100742405
Qtr22963480011
Qtr390997033.4853
Qtr49974285.716
202054481390.3838
Qtr115404142.869
Qtr223666047.5220
Qtr384120005
Qtr469992004
20213829374028
Qtr139760008
Qtr235319005
Qtr384853407
Qtr4223005008
202269280004
Qtr169280004
Grand Total476287989.57163
Quarterly Total Volume (Sf)
Row LabelsPrice/SF (Average)Price/SF (Lowest)Max of Price Per SqftTotal Size (SF)
20180000
Qtr151028482025656
Qtr2383.6666666666721562654435
Qtr3737.666666666674978828032
Qtr42702702701909
20190000
Qtr17692941160710610
Qtr2551244100842606
Qtr3667.471698113212521190159873
Qtr4991853127710257
20200000
Qtr156327788237216
Qtr2720.2550105331429
Qtr3833.427511859515
Qtr46833559249958
20210000
Qtr1776.87530110537072
Qtr2549.63118086743
Qtr3766.28571428571320163210514
Qtr4615.7531591355620
20220000
Qtr1825.7566810097850
Grand Total675.3435582822121516321189295

2022 Q1

Vancouver Office Sales

Sales & Price By Neighbourhood
Transaction NameSale PriceSize (SF)Price/SF
242 East 2nd Avenue$ 8,450,000--
Unit 405, 63 West 6th Avenue$ 3,104,640 2,298 $ 1,351
Unit 501, 63 West 6th Avenue$ 2,019,000 1,199 $ 1,684
Unit 105, 1008 Beach Avenue$ 1,980,000 1,183 $ 1,674
Unit 904, 938 Howe Street$ 1,679,999 1,328 $ 1,265
Unit 350, 943 West Broadway$ 1,198,000 1,027 $ 1,167
Unit 206, 1540 West 2nd Avenue$ 1,095,950 844 $ 1,299
$ Volume And Number Of Transactions
Row LabelsDollar VolumeNumber of Sales
20181464510679.6337
Qtr145100679.636
Qtr211095700011
Qtr3113494800013
Qtr41735050007
20191669145008.8163
Qtr1325807239.2113
Qtr21257373998.630
Qtr3529877459
Qtr43297602611
20208326400027
Qtr13826500012
Qtr287185005
Qtr328305006
Qtr4334500004
2021322142075.0257
Qtr15958619121
Qtr2125263000.0214
Qtr34119348415
Qtr4960994007
2022195275897
Qtr1195275897
Grand Total3558589352.46191
Quarterly Total Volume (Sf)
Row LabelsPrice/SF (Average)Price/SF (Lowest)Price/SF (Highest)Total Size (SF)
20180000
Qtr1959.33333333333722112258627
Qtr2872.545454545453651533154736
Qtr3939.4615384615435115341251186
Qtr4962.714285714296581401176163
20190000
Qtr1984.230769230776641359408592
Qtr2898.1666666666748216591687693
Qtr3883.77777777778461135763440
Qtr41127.8181818182817142436412
20200000
Qtr11008.75476145950009
Qtr21053.561813969514
Qtr31172.166666666788814062423
Qtr4954.25839107733433
20210000
Qtr11154.5714285714689192755867
Qtr21196.42857142866561610104432
Qtr31212.1346666667887159436616
Qtr41271.6666666667899153587167
20220000
Qtr11406.6666666667116716847879
Grand Total1046.930957446835119274224189

2022 Q1

West Vancouver Office Sales

Sales & Price By Neighbourhood
Transaction NameSale PriceSize (SF)Price/SF
*No Transactions---
$ Volume And Number Of Transactions
Row LabelsDollar VolumeNumber of Transactions
201879865008
Qtr19350001
Qtr229475002
Qtr316230002
Qtr424810003
201914820001
Qtr100
Qtr200
Qtr300
Qtr414820001
2020101500003
Qtr100
Qtr214500001
Qtr320750001
Qtr466250001
202120000002
Qtr100
Qtr28600001
Qtr311400001
Qtr400
202200
Qtr100
Grand Total2161850014
Quarterly Total Volume (Sf)
Row LabelsAverage of Price Per SqftMin of Price Per SqftMax of Price Per SqftSum of Size Sqft
20180000
Qtr1104110411041898
Qtr2758.57187993912
Qtr31060.585512661635
Qtr4905.3333333333355911272956
20190000
Qtr10000
Qtr20000
Qtr30000
Qtr46906906902148
20200000
Qtr10000
Qtr27887887881841
Qtr31004100410042067
Qtr459859859811074
20210000
Qtr10000
Qtr2959959959897
Qtr31079107910791057
Qtr40000
20220000
Qtr10000
Grand Total893.78571428571559126628485

Office Specialists

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