Commercial transactions fell modestly in the first quarter of 2026 relative to both the previous quarter, and the same quarter last year.
There were 327 commercial real estate sales in the Lower Mainland in Q1 2026, a 5.5 per cent decrease from the 346 sales in Q1 2025, according to data from Commercial Edge, a commercial real estate system operated by Greater Vancouver Realtors (GVR).
The total dollar value of commercial real estate sales in the Lower Mainland was $1.864 billion in Q1 2026, a 15.3 per cent decrease from $2.200 billion in Q1 2025.
“On a quarter-over-quarter basis, most asset classes saw slight declines in transaction volumes with the industrial segment being the only one to buck the trend,” said Andrew Lis, GVR chief economist and vice-president data analytics. “Interestingly, the multifamily segment saw 21 transactions in Q1 versus 20 the previous quarter, essentially holding steady. But this segment also showed a 33 per cent increase year-over-year, signaling a slight improvement in demand for this segment relative to this time last year.
“Our 2026 forecast for the commercial market anticipates essentially no growth in transaction volume overall for the year, though estimates across asset classes are divergent. Where slight increases in transaction volumes are expected is within the multifamily segment, which has seen considerable pressure in recent years, as well as the steadily recovering retail segment. With Q1 now locked in, the data suggests our predictions are on the mark.”
Q1 2026 activity by asset class
Land: There were 51 commercial land sales in Q1 2026, which is a 8.9 per cent decrease from the 56 land sales in Q1 2025. The dollar value of land sales was $419 million in Q1 2026, a 39.5 per cent decrease from $694 million in Q1 2025.
Office: There were 78 office sales in the Lower Mainland in Q1 2026, which is a 16.1 per cent decrease from the 93 sales in Q1 2025. The dollar value of office sales was $388 million in Q1 2026, a 44.6 per cent increase from $269 million in Q1 2025.
Retail and Other: There were 86 retail and other sales in the Lower Mainland in Q1 2026, which is a 10.3 per cent increase from the 78 sales in Q1 2025. The dollar value of retail sales was $487 million in Q1 2026, a 21 per cent decrease from $617 million in Q1 2025.
Industrial: There were 92 industrial land sales in the Lower Mainland in Q1 2026, which is an 11.5 per cent decrease from the 104 sales in Q1 2025. The dollar value of industrial sales was $420 million in Q1 2026, a 3.4 per cent increase from $406 million in Q1 2025.
Multi-Family: There were 20 multi-family land sales in the Lower Mainland in Q1 2026, which is a 33.3 per cent increase from 15 sales in Q1 2025. The dollar value of multi-family sales was $149 million in Q1 2026, a 30.6 per cent decrease from $215 million in Q1 2025.