Commercial transactions rose seven per cent in the third quarter of 2025, primarily driven by gains in office and multi-family transactions relative to the previous quarter.
There were 307 commercial real estate sales in the Lower Mainland in Q3 2025, a 61.6 per cent increase from the 190 sales in Q3 2024, 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 $1.412 billion in Q3 2025, a 17.4 per cent decrease from $1.710 billion in Q3 2024.
“Nearly all asset classes posted gains in transaction volumes in the third quarter, but the office and multi-family segments were standouts, rising 30 and 46 per cent respectively over last quarter. Dollar volumes spiked in both asset classes as well, with a handful of large value transactions helping to drive these increases.”
— Andrew Lis, GVR’s Chief Economist and Vice-President, Data Analytics
“The only asset class which posted a decline in transaction volumes was the industrial segment, down about 12 per cent relative to last quarter. This marks a second quarterly decline in a row for this segment despite being one of the more resilient asset classes in 2024 in terms of transaction volume, and despite a healthy gain in sub-$2m transactions relative to the third quarter of 2024.”
— Andrew Lis, GVR
Q3 2025 activity by asset class
| Asset Class | Sales (Q3 2025) | Change vs Q3 2024 | Dollar Value (Q3 2025) | Dollar Change vs Q3 2024 |
|---|---|---|---|---|
| Land | 52 | 20 per cent decrease (from 65) | $432 million | 42.6 per cent decrease (from $753 million) |
| Office | 83 | 219.2 per cent increase (from 26) | $190 million | 3.3 per cent increase (from $184 million) |
| Retail & Other | 80 | 66.7 per cent increase (from 48) | $244 million | 10.1 per cent decrease (from $272 million) |
| Industrial | 73 | 102.8 per cent increase (from 36) | $276 million | 79 per cent increase (from $154 million) |
| Multi-Family | 19 | 26.7 per cent increase (from 15) | $270 million | 22.3 per cent decrease (from $348 million) |