The total number of commercial transactions dropped 16 per cent in the second quarter of 2025, compared with the first quarter. The only asset class posting a quarter-over-quarter gain in transaction volume was the retail segment, which has now seen three consecutive quarters of growth. 

There were 286 commercial real estate sales in the Lower Mainland in Q2 2025, a 49.6 per cent decrease from the 567 sales in Q2 2024, according to data from Commercial Edge, a commercial real estate system operated by Greater Vancouver Realtors (GVR). 

"Our commercial market forecast for the year called for transaction volumes to remain relatively flat compared to last year, and so far, the market is tracking in line with these expectations," said Andrew Lis, GVR director of economics and data analytics. "Industrial, office, and retail transactions remain relatively strong compared with the multi-family and land segments to date, and we expect this trend to continue to year-end. "

“Land transactions remain notably weaker than our forecast anticipated, however this finding is not particularly surprising given the headwinds the development industry is facing. With a slew of recent policy changes, construction cost escalation, and a challenging pre-sales environment, it’s possible land transactions will remain muted for some time as the market adjusts.” 

Land: There were 48 commercial land sales in Q2 2025, which is a 66.7 per cent decrease from the 144 land sales in Q2 2024. The dollar value of land sales was $349 million in Q2 2025, a 79.1 per cent decrease from $1.673 billion in Q2 2024. 

Office: There were 63 office sales in the Lower Mainland in Q2 2025, which is a 29.2 per cent decrease from the 89 sales in Q2 2024. The dollar value of office sales was $84 million in Q2 2025, a 37.1 per cent decrease from $134 million in Q2 2024. 

Retail and Other: There were 81 retail (and other) sales in the Lower Mainland in Q2 2025, which is a 39.6 per cent decrease from the 134 sales in Q2 2024. The dollar value of retail sales was $329 million in Q2 2025, a 42.8 per cent decrease from $575 million in Q2 2024. 

Industrial: There were 81 industrial land sales in the Lower Mainland in Q2 2025, which is a 52.1 per cent decrease from the 169 sales in Q2 2024. The dollar value of industrial sales was $327 million in Q2 2025, a 63.1 per cent decrease from $885 million in Q2 2024. 

Multi-Family: There were 13 multi-family land sales in the Lower Mainland in Q2 2025, which is a 58.1 per cent decrease from 31 sales in Q2 2024. The dollar value of multi-family sales was $83 million in Q2 2025, a 76 per cent decrease from $347 million in Q2 2024.