Edmonton, August 29, 2014: The value of commercial/industrial land and building sales dropped in the first half of 2014 as compared to the same point last year according to the semi-annual update released by the REALTORS® Association of Edmonton Commercial Division. Total transaction value was down 4.5% from $1.102 billion to $1.053 billion. The total drop in value was shared between land and building values. Land sales dropped 1.2% in value from $451.8 million to $446.4 million while buildings dropped 6.7% from $650.5 million to $606.6 million.
The drop in value was mirrored by an increase in the number of transactions. There were 313 total transactions in the first half of 2014 compared to 298 in the same period last year. Land transactions were up 3 to 104 and there were 209 building sales (up from 197).
“The number of sales of both land and buildings and the values are fairly consistent with the two previous years,” said Shirley Williams, Chair of the Commercial Division. “Sales in the Commercial Division are less frequent than in the residential category and the properties trade at higher prices so swings in total value are heavily influenced by the largest sales.”
Notable transactions were urban development land sales valued at over $300,000 per acre. Two prominent suburban office buildings sold during the report period and there were two major sales in the multi-family section. A list of the most notable transactions is included in the report.
The 2014 Mid-Year Market Overview reports on commercial real estate activity within the City of Edmonton. The report includes a synopsis of commercial and industrial activity for the period ending June 30, 2014 as recorded in Land Titles records when the title to the property is transferred to the buyer. The full report is prepared by The Network Real Estate Intelligence and is available for download below.
For more information contact a member of the REALTORS® Association of Edmonton Commercial Division.