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BC Commercial Real Estate Market to Strengthen


Blog by Barb Pasternak | March 1st, 2011


For a PDF version of this news release, including data table, follow this link:
www.bcrea.bc.ca/news_room/2011-02-28CLI.pdf.

For immediate release

BC Commercial Real Estate Market to Strengthen

Vancouver, BC – February 28, 2011. The BC commercial real estate market should continue to strengthen through 2011, according to the new Commercial Leading Indicator (CLI) index developed by the British Columbia Real Estate Association (BCREA). The BCREA CLI rose 2.3 per cent in the fourth quarter of 2010 to an index level of 110.5, marking seven straight quarters of improvement.

The CLI peaked at a level of 115.9 in the second quarter of 2007 before the onset of the financial crisis pushed it to a low of 100.1 in the first half of 2009. In 2010, the index posted a more material recovery, albeit from a relatively weak level, and is still 5.3 per cent below its peak.

“Economic indicators that tend to lead activity in the commercial real estate market have posted strong growth over several consecutive quarters,” said Brendon Ogmundson, BCREA Economist. “Based on these macro-level indicators, we would anticipate 2011 to be a strong year for the commercial sector.”

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The full BCREA Commercial Leading Indicator index is available at: www.bcrea.bc.ca/economics/2011-02CLI.pdf.

For more information, please contact:
Brendon Ogmundson     Damian Stathonikos
Economist     Director of Communications and Public Affairs
Direct: 604.742.2796     Direct: 604.742.2793
Mobile: 604.505.6793     Mobile: 778.990.1320
Email: bogmundson@bcrea.bc.ca     Email: dstathonikos@bcrea.bc.ca

BCREA represents 11 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe).

To demonstrate the profession’s commitment to improving Quality of Life in BC communities, BCREA supports policies that encourage economic vitality, provide housing opportunities, respect the environment and build communities with good schools and safe neighbourhoods.