2022 Q2

Greater Vancouver Office Sales Market Report

Klein | Reports | 2022 - Q2 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 Q2 Sales Transactions
$110B
2022 Q2 Sales Volume
440

Largest Market Share - City

2022 Q2

Greater Vancouver Overview

Total Sales & Transaction Volume
20182019202020212022 (Q1-Q2)
Sales$ Volume%Sales$ Volume%Sales $ Volume%Sales$ Volume%Sales$ Volume%
Burnaby31$ 598,009,40428%27$ 217,867,0809%20$ 93,127,01824%28$ 48,960,06211%3$ 4,575,0002%
Coquitlam1$ 2,488,0000%5$ 19,926,0001%0$ 00%4$ 8,275,0002%1$ 2,200,0001%
New Westminster6$ 8,919,3290%5$ 47,363,0002%5$ 7,300,0002%5$ 33,958,7507%5$ 17,897,0006%
North Vancouver14$ 14,051,7751%13$ 14,250,0001%10$ 29,128,0008%8$ 10,584,7502%8$ 9,869,0003%
Port Coquitlam0$ 00%3$ 2,013,0000%5$ 5,272,4001%2$ 1,301,8700%0$ 00%
Richmond18$ 35,904,5002%75$ 340,680,35915%66$ 93,291,58125%28$ 38,293,7408%4$ 6,928,0002%
Vancouver37$ 1,464,510,68069%63$ 1,669,145,00972%37$ 141,041,41637%57$ 322,142,07569%32$ 245,465,66786%
West Vancouver8$ 7,986,5000%1$ 1,482,0000%4$ 11,600,0003%2$ 2,000,0000%0$ 00%
Grand Total97$ 2,131,870,188100%192$ 2,312,726,448100%147$ 380,760,414100%134$ 465,516,247100%53$ 286,934,667100%
2018
Burnaby31$ 598,009,40428%
Coquitlam1$ 2,488,0000%
New Westminster6$ 8,919,3290%
North Vancouver14$ 14,051,7751%
Port Coquitlam0$ 00%
Richmond18$ 35,904,5002%
Vancouver37$ 1,464,510,68069%
West Vancouver8$ 7,986,5000%
Grand Total97$ 2,131,870,188100%
2019
Burnaby27$ 217,867,0809%
Coquitlam5$ 19,926,0001%
New Westminster5$ 47,363,0002%
North Vancouver13$ 14,250,0001%
Port Coquitlam3$ 2,013,0000%
Richmond75$ 340,680,35915%
Vancouver63$ 1,669,145,00972%
West Vancouver1$ 1,482,0000%
Grand Total192$ 2,312,726,448100%
2020
Burnaby20$ 93,127,01824%
Coquitlam0$ 00%
New Westminster5$ 7,300,0002%
North Vancouver10$ 29,128,0008%
Port Coquitlam5$ 5,272,4001%
Richmond66$ 93,291,58125%
Vancouver37$ 141,041,41637%
West Vancouver4$ 11,600,0003%
Grand Total147$ 380,760,414100%
2021
Burnaby28$ 48,960,06211%
Coquitlam4$ 8,275,0002%
New Westminster5$ 33,958,7507%
North Vancouver8$ 10,584,7502%
Port Coquitlam2$ 1,301,8700%
Richmond28$ 38,293,7408%
Vancouver57$ 322,142,07569%
West Vancouver2$ 2,000,0000%
Grand Total134$ 465,516,247100%
2022 (Q1-Q2)
Burnaby3$ 4,575,0002%
Coquitlam1$ 2,200,0001%
New Westminster5$ 17,897,0006%
North Vancouver8$ 9,869,0003%
Port Coquitlam0$ 00%
Richmond4$ 6,928,0002%
Vancouver32$ 245,465,66786%
West Vancouver0$ 00%
Grand Total53$ 286,934,667100%
$ Volume And Number Of Transactions
Date$ VolumeTransactions
20182313863437.63121
Qtr1505279938.6339
Qtr232725520028
Qtr3126503597535
Qtr421629232419
20192312726448192
Qtr1675536229.2131
Qtr21302425848.653
Qtr3173367058.4877
Qtr4161397311.7131
2020395318151.64165
Qtr192093245.7237
Qtr2232859725.9294
Qtr31936418019
Qtr45100100015
2021465516247.02134
Qtr18091219136
Qtr2139716520.0228
Qtr36999757430
Qtr417488996240
202228783466754
Qtr121477597735
Qtr27305869019
Office Market Share

2022 Q2

Burnaby Office Sales

Sales & Price By Neighbourhood
Transaction NameSale PriceProperty Size (SF)Price/SF
1795 Willingdon Avenue$ 112,500,000 700 $ 1,982
Unit 102, 3989 Henning Drive$ 1,325,000 1,043 $ 1,997
Unit 101, 4268 Lozells Avenue$ 1,050,000 760 $ 2,011
Unit 304, 4378 Beresford Street$ 775,000 1,033 $ 2,020
Unit 507, 4538 Kingsway$ 530,000 901 $ 2,000
$ 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
2022123585000.0010
Qtr17405000.005
Qtr21161800005
Grand Total1081548563.68116
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
Qtr12009.401996.002020.004699.00
Qtr22002198220204437
Grand Total865.11195.002020.002380760.00

2022 Q2

Coquitlam Office Sales

Sales & Price By Neighbourhood
Transaction NameSale PriceSize (SF)Price/SF
No Transaction in 2022-Q2---
$ 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
202222000001
Qtr122000001
Qtr200
Grand Total3288900011
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
Qtr11990199019901036
Qtr20000
Grand Total733391199060340

2022 Q2

New Westminster Office Sales

Sales & Price By Neighbourhood
Transaction NameSale PriceSize (SF)Price/SF
Unit 309, 223 Nelson's Crescent$ 517,000 909 $ 2,011
$ 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
202292070003
Qtr186900002
Qtr25170001
Grand Total10674807926
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
Qtr1189618781914982
Qtr2201120112011909
Grand Total696.418575334822892011251986

2022 Q2

North Vancouver Office Sales

Sales & Price By Neighbourhood
Transaction NameSale PriceSize (SF)Price/SF
Unit 301, 370 East Esplanade$ 1,885,000 1,027 $ 2,017
Unit 300, 1460 Main Street$ 1,000,000 929 $ 1,996
$ 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
202287190007
Qtr158340005
Qtr228850002
Grand Total7460227552
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
Qtr11989197220054018
Qtr22006.5199620171956
Grand Total899.903846153854302017103191

2022 Q2

Port Coquitlam Office Sales

Sales & Price By Neighbourhood
Transaction NameSale PriceSize (SF)Price/SF
No transaction in 2022-Q2---
$ 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
Qtr200
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
Qtr20000
Grand Total456.2530757814366

2022 Q2

Richmond Office Sales

Sales & Price By Neighbourhood
Transaction NameSale PriceSize (SF)Price/SF
Unit 3330, 8181 Cambie Road$ 3,500,000604$ 1,993
Unit 1105, 8400 West Road$ 3,000,000966$ 2,019
Unit 610, 6388 No. 3 Road$ 1,740,0001121$ 2,021
Unit 1215, 6388 No. 3 Road$ 1,665,000995$ 2,021
Unit 1283, 3779 Sexsmith Road$ 1,480,000718$ 1,997
Unit 248, 2631 Viking Way$ 1,150,000407$ 1,999
Unit 230, 21900 Westminster Highway$ 995,000457$ 2,009
$ 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
20222766558018
Qtr1126859009
Qtr2149796809
Grand Total497025569.57177
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
Qtr12004.3333333333197820218714
Qtr22010.7777777778199320217276
Grand Total807.4237288135621520211197435

2022 Q2

Vancouver Office Sales

Sales & Price By Neighbourhood
Transaction NameSale PriceSize (SF)Price/SF
5455 West Boulevard$ 21,750,000-$ 1,989
2005 Quebec Street$ 20,500,000 1,139 $ 2,019
Unit 139, 5118 Joyce Street$ 4,244,690 535 $ 1,998
Unit 410, 2238 Yukon Street$ 4,100,000 2,123 $ 2,020
Unit 505, 63 West 6th Avenue$ 3,838,000 1,574 $ 2,021
Unit 254, 515 West Pender Street$ 3,358,000 1,710 $ 1,996
Unit 311, 63 West 6th Avenue$ 1,725,000 1,224 $ 2,021
$ 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
2021326232475.0258
Qtr15958619121
Qtr2125263000.0214
Qtr34119348415
Qtr41001898008
202224546566732
Qtr117670897717
Qtr26875669015
Grand Total3788617830.46217
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
Qtr41255.2857142857899153590702
20220000
Qtr11775.1251167202119243
Qtr22006.92857142861982202118198
Grand Total1155.112769953135120214257286

2022 Q2

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
Qtr200
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
Qtr20000
Grand Total893.78571428571559126628485

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