2023 Q4

Greater Vancouver Office Sales Market Report

Klein | Reports | 2023 - Q4 Greater Vancouver Office Sales 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
2023 Q4 Sales Transactions
$110B
2023 Q4 Sales Volume
440

Largest Market Share - City

2023 Q4

Greater Vancouver Overview

Total Sales & Transaction Volume
20192020202120222023
Sales$ Volume%Sales$ Volume%Sales$ Volume%Sales$ Volume%Sales$ Volume%
Burnaby27$ 217,867,0809%20$ 93,127,01824%28$ 48,960,06211%15$ 136,055,00025%12$ 22,664,2007%
Coquitlam5$ 19,926,0001%0$ 00%4$ 8,275,0002%3$ 12,935,0002%0$ 00%
New Westminster5$ 47,363,0002%5$ 7,300,0002%5$ 33,958,7507%5$ 31,527,0006%1$ 4,200,0001%
North Vancouver13$ 14,250,0001%10$ 29,128,0008%8$ 10,584,7502%12$ 12,241,7002%7$ 16,204,0005%
Port Coquitlam3$ 2,013,0000%5$ 5,272,4001%2$ 1,301,8700%0$ 00%1$ 825,0000%
Richmond75$ 340,680,35915%66$ 93,291,58125%28$ 38,293,7408%39$ 53,928,98010%19$ 26,917,8858%
Vancouver63$ 1,669,145,00972%37$ 141,041,41637%57$ 322,142,07569%69$ 297,042,99854%80$ 246,614,61877%
West Vancouver1$ 1,482,0000%4$ 11,600,0003%2$ 2,000,0000%2$ 2,249,3000%2$ 1,689,8001%
Grand Total192$ 2,312,726,448100%147$ 380,760,414100%134$ 465,516,247100%145$ 545,979,978100%122$ 319,115,503100%
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
Burnaby15$ 136,055,00025%
Coquitlam3$ 12,935,0002%
New Westminster5$ 31,527,0006%
North Vancouver12$ 12,241,7002%
Port Coquitlam0$ 00%
Richmond39$ 53,928,98010%
Vancouver69$ 297,042,99854%
West Vancouver2$ 2,249,3000%
Grand Total145$ 545,979,978100%
2023
Burnaby12$ 22,664,2007%
Coquitlam0$ 00%
New Westminster1$ 4,200,0001%
North Vancouver7$ 16,204,0005%
Port Coquitlam1$ 825,0000%
Richmond19$ 26,917,8858%
Vancouver80$ 246,614,61877%
West Vancouver2$ 1,689,8001%
Grand Total122$ 319,115,503100%
$ Volume And Number Of Transactions
DateDollar VolumeSales
2019
Qtr1675536229.2131
Qtr21302425848.653
Qtr3173367058.4877
Qtr4161397311.7131
2020
Qtr192093245.7237
Qtr2232859725.9294
Qtr31936418019
Qtr45100100015
2021
Qtr18091219136
Qtr2139716520.0228
Qtr36999757430
Qtr417488996240
2022
Qtr119916428840
Qtr220448337033
Qtr373926720.4348
Qtr46957060025
2023
Qtr115925956776
Qtr2133194027.4951
Qtr37193283023
Qtr4180326456
Office Market Share

2023 Q4

Burnaby Office Sales

Sales & Price By Neighbourhood
Transaction NameSale PriceProperty Size (SF)Price/SF
5621 Imperial Street$ 6,000,000--
Unit 285, 5489 Byrne Road$ 1,440,0002719$ 530
$ Volume And Number Of Transactions
Row LabelsDollar VolumeNumber of Sales
201900
Qtr11191767507
Qtr291470508
Qtr373582805
Qtr4821850007
202000
Qtr131419603
Qtr283833977.6811
Qtr347342805
Qtr414168001
202100
Qtr170450003
Qtr241300002
Qtr356200002
Qtr43216506221
202200
Qtr174050005
Qtr21161800005
Qtr3100100003
Qtr424600002
202300
Qtr146820004
Qtr235150002
Qtr370272004
Qtr474400002
Grand Total00
Quarterly Total Volume (Sf)
Row LabelsPrice/SF (Average)Price/SF (Lowest)Price/SF (Highest)Total Size (SF)
20190000
Qtr1456.71428571429231891314192
Qtr2475.87528895920829
Qtr3830.4442103110643
Qtr4535.71428571429402644175074
20200000
Qtr1676.666666666674139775067
Qtr2743.363636363644561120176268
Qtr3732.46668386718
Qtr47707707701840
20210000
Qtr1589.6666666666741276010331
Qtr2944.576311264578
Qtr34114114112723
Qtr41273.380952381913143525219
20220000
Qtr11614.473320574699
Qtr232928.65881606544437
Qtr361241145136712221.86
Qtr4120512051205332
20230000
Qtr1735.550010446655
Qtr280351910875957
Qtr31034.7596111546796
Qtr45305305302719
Grand Total2645.0909090909231160654787298.86

2023 Q4

Coquitlam Office Sales

Sales & Price By Neighbourhood
Transaction NameSale PriceProperty Size (SF)Price/SF
$ Volume And Number Of Transactions
Row LabelsDollar VolumeNumber of Sales
201900
Qtr1174700002
Qtr26000001
Qtr318560002
Qtr400
202000
Qtr131419603
Qtr283833977.6811
Qtr347342805
Qtr414168001
202100
Qtr112500001
Qtr200
Qtr335500002
Qtr434750001
202200
Qtr122000001
Qtr200
Qtr300
Qtr4107350002
202300
Qtr100
Qtr200
Qtr300
Qtr400
Grand Total00
Quarterly Total Volume (Sf)
Row LabelsPrice/SF (Average)Price/SF (Lowest)Price/SF (Highest)Total Size (SF)
20190000
Qtr1507.539162436275
Qtr2766766766783
Qtr3734.56957742509
Qtr40000
20200000
Qtr10000
Qtr20000
Qtr30000
Qtr40000
20210000
Qtr1000834
Qtr20000
Qtr35825805846093
Qtr44814814817225
20220000
Qtr11990199019901036
Qtr20000
Qtr30000
Qtr4714.561781217213
20230000
Qtr10000
Qtr20000
Qtr30000
Qtr40000
Grand Total0000

2023 Q4

New Westminster Office Sales

Sales & Price By Neighbourhood
Transaction NameSale PriceProperty Size (SF)Price/SF
$ Volume And Number Of Transactions
Row LabelsDollar VolumeNumber of Sales
201900
Qtr100
Qtr200
Qtr3153380002
Qtr4320250003
202000
Qtr127700001
Qtr201
Qtr301
Qtr445300004
202100
Qtr167500001
Qtr200
Qtr3100087503
Qtr4172000001
202200
Qtr186900002
Qtr25170001
Qtr300
Qtr4223200002
202300
Qtr142000001
Qtr200
Qtr300
Qtr400
Grand Total00
Quarterly Total Volume (Sf)
Row LabelsPrice/SF (Average)Price/SF (Lowest)Price/SF (Highest)Total Size (SF)
20190000
Qtr10000
Qtr20000
Qtr3440.533055146140
Qtr4392.87574423359307.6272327007752097171
20200000
Qtr15755755754817
Qtr20000
Qtr30000
Qtr4499.2528977611559
20210000
Qtr153253253212699
Qtr20000
Qtr3652.551379212030
Qtr437737737745617
20220000
Qtr1189618781914982
Qtr2201120112011909
Qtr30000
Qtr4479.532263735439
20230000
Qtr137737737711127
Qtr20000
Qtr30000
Qtr40000
Grand Total0000

2023 Q4

North Vancouver Office Sales

Sales & Price By Neighbourhood
Transaction NameSale PriceProperty Size (SF)Price/SF
$ Volume And Number Of Transactions
Row LabelsDollar VolumeNumber of Sales
201900
Qtr124150003
Qtr256700003
Qtr340300005
Qtr421350002
202000
Qtr1171080003
Qtr246000002
Qtr38400001
Qtr419800002
202100
Qtr110500001
Qtr283535007
Qtr300
Qtr436500002
202200
Qtr171940007
Qtr228850002
Qtr310375001
Qtr411252002
202300
Qtr1116690005
Qtr24534999.992
Qtr300
Qtr400
Grand Total00
Quarterly Total Volume (Sf)
Row LabelsPrice/SF (Average)Price/SF (Lowest)Price/SF (Highest)Total Size (SF)
20190000
Qtr1703.333333333335497863506
Qtr268344089711163
Qtr380463010655345
Qtr47186797572981
20200000
Qtr1838670100124576
Qtr27176757596243
Qtr3989989989849
Qtr46926457392952
20210000
Qtr18478478471240
Qtr2743.8571428571465087311856
Qtr30000
Qtr47597317874881
20220000
Qtr11218.714285714351928316156
Qtr21456107718351956
Qtr3872872872878
Qtr489168211001324
20230000
Qtr1927.8761111613650
Qtr2769.57537865874
Qtr30000
Qtr40000
Grand Total0000

2023 Q4

Port Coquitlam Office Sales

Sales & Price By Neighbourhood
Transaction NameSale PriceProperty Size (SF)Price/SF
$ Volume And Number Of Transactions
Row LabelsDollar VolumeNumber of Sales
201900
Qtr15930001
Qtr200
Qtr38000001
Qtr46200001
202000
Qtr100
Qtr224000002
Qtr34724001
Qtr400
202100
Qtr100
Qtr213018702
Qtr300
Qtr400
202200
Qtr100
Qtr200
Qtr300
Qtr400
202300
Qtr100
Qtr28250001
Qtr300
Qtr400
Grand Total00
Quarterly Total Volume (Sf)
Row LabelsPrice/SF (Average)Price/SF (Lowest)Price/SF (Highest)Total Size (SF)
20190000
Qtr15665665661047
Qtr20000
Qtr33073073072607
Qtr45785785781073
20200000
Qtr10000
Qtr24574314835320
Qtr3523523523904
Qtr40000
20210000
Qtr10000
Qtr23813793833415
Qtr30000
Qtr40000
20220000
Qtr10000
Qtr20000
Qtr30000
Qtr40000
20230000
Qtr10000
Qtr25655655651460
Qtr30000
Qtr40000
Grand Total0000

2023 Q4

Port Moody Office Sales

Sales & Price By Neighbourhood
Transaction NameSale PriceProperty Size (SF)Price/SF
$ Volume And Number Of Transactions
Row LabelsDollar VolumeNumber of Sales
201900
Qtr100
Qtr200
Qtr300
Qtr400
202000
Qtr100
Qtr200
Qtr300
Qtr400
202100
Qtr100
Qtr200
Qtr300
Qtr400
202200
Qtr100
Qtr223300002
Qtr300
Qtr400
202300
Qtr100
Qtr200
Qtr300
Qtr400
Grand Total00
Quarterly Total Volume (Sf)
Row LabelsPrice/SF (Average)Price/SF (Lowest)Price/SF (Highest)Total Size (SF)
20190000
Qtr10000
Qtr20000
Qtr30000
Qtr40000
20200000
Qtr10000
Qtr20000
Qtr30000
Qtr40000
20210000
Qtr10000
Qtr20000
Qtr30000
Qtr40000
20220000
Qtr10000
Qtr270970923647
Qtr30000
Qtr40000
20230000
Qtr10000
Qtr20000
Qtr30000
Qtr40000
Grand Total0000

2023 Q4

Richmond Office Sales

Sales & Price By Neighbourhood
Transaction NameSale PriceProperty Size (SF)Price/SF
Unit 230, 8833 Odlin Crescent$ 1,150,0001859$ 619
$ Volume And Number Of Transactions
Row LabelsDollar VolumeNumber of Sales
201900
Qtr12100742405
Qtr22963480011
Qtr390997033.4853
Qtr49974285.716
202000
Qtr115404142.869
Qtr223666047.5220
Qtr384120005
Qtr469992004
202100
Qtr139760008
Qtr235319005
Qtr384853407
Qtr4223005008
202200
Qtr11615980014
Qtr2149796809
Qtr31469150011
Qtr480980005
202300
Qtr121570001
Qtr267023805
Qtr31690850512
Qtr411500001
Grand Total00
Quarterly Total Volume (Sf)
Row LabelsPrice/SF (Average)Price/SF (Lowest)Price/SF (Highest)Total Size (SF)
20190000
Qtr17692941160710610
Qtr2551244100842606
Qtr3667.471698113212521190159873
Qtr4991853127710257
20200000
Qtr156327788237216
Qtr2720.2550105331429
Qtr3833.427511859515
Qtr46833559249958
20210000
Qtr1776.87530110537072
Qtr2549.63118086743
Qtr3766.28571428571320163210514
Qtr4615.7531591355620
20220000
Qtr11217.7142857143246391413794
Qtr22294.444444444450557937276
Qtr31539.818181818225081579484
Qtr4781.8587100011263
20230000
Qtr11290129012901672
Qtr2648.449394511197
Qtr3777.5454545454551485721564
Qtr46196196191859
Grand Total0000

2023 Q4

Vancouver Office Sales

Sales & Price By Neighbourhood
Transaction NameSale PriceProperty Size (SF)Price/SF
Unit 408, 1930 Pandora Street$ 4,442,6454506$ 986
1726 East Hastings Street$ 4,000,0007800$ 513
333 East Hastings Street$ 1,000,0002115$ 473
$ Volume And Number Of Transactions
Row LabelsDollar VolumeNumber of Sales
201900
Qtr1325807239.2113
Qtr21257373998.630
Qtr3529877459
Qtr43297602611
202000
Qtr13826500012
Qtr287185005
Qtr328305006
Qtr4334500004
202100
Qtr15958619121
Qtr2125263000.0214
Qtr34119348415
Qtr4960994007
202200
Qtr115751548811
Qtr26875669015
Qtr346487720.4332
Qtr42428310011
202300
Qtr183650005
Qtr27458368120
Qtr3479971257
Qtr494426453
Grand Total00
Quarterly Total Volume (Sf)
Row LabelsPrice/SF (Average)Price/SF (Lowest)Price/SF (Highest)Total Size (SF)
20190000
Qtr1456.71428571429231891314192
Qtr2475.87528895920829
Qtr3830.4442103110643
Qtr4535.71428571429402644175074
20200000
Qtr1676.666666666674139775067
Qtr2743.363636363644561120176268
Qtr3732.46668386718
Qtr47707707701840
20210000
Qtr1589.6666666666741276010331
Qtr2944.576311264578
Qtr34114114112723
Qtr41273.380952381913143525219
20220000
Qtr11614.473320574699
Qtr232928.65881606544437
Qtr361241145136712221.86
Qtr4120512051205332
20230000
Qtr1735.550010446655
Qtr280351910875957
Qtr31034.7596111546796
Qtr45305305302719
Grand Total2645.0909090909231160654787298.86

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