Some developers are stuck holding sites that no longer make economic sense to redevelop in current market conditions, claims one Vancouver broker.
The market for development sites is being tested by a roughly 50-per-cent drop in value since 2022, according to Mark Goodman.
The principal of Goodman Commercial Inc. said Broadway Plan sites, for example, were selling for about $200 per square foot buildable three years ago. Sellers can now expect closer to $100 per square foot buildable, he told BIV.
Goodman currently has three Broadway Plan listings.
He said the city is experiencing “growing pains” and adjusting to a new environment where land is being perceived differently.
“The value proposition of buying
→ Continue reading at BIV