The trend of businesses wanting to own their own office space continues to create high demand for strata office space, especially in accessible business nodes such as Langley’s 200th Street Corridor.
As demand for office space in the area increases, so do sale prices and the number of transactions. 2018 has been a very active year for the stratified office market in Langley’s 200th Street Corridor. Below are sales statistics for resale units with finished office space as well as newly constructed shell office space.
Q1-Q3 2018 TRANSACTION SUMMARY
Both of the highest prices per square foot noted above were achieved on properties sold by Frontline Real Estate Services. Below you can find more information about these transactions as well as a few other resale transactions that we had the pleasure of being a part of. There is also information about the sold-out Spire Professional Centre Langley which completed construction this summer and has brought new businesses and organizations to the area.
202 – 8047 199 Street, Langley
- 1,514 sf finished strata office unit
- Could accommodate two users or an office with an executive wing
- Sold June 2018
- Sale price: $800,000 ($528 psf)
306 – 8047 199 Street, Langley
Achieved a record high price per square foot for finished strata office in the Township of Langley’s Willoughby neighbourhood.*
- 1,480 sf finished strata office unit
- Bright corner unit
- Sold September 2018
- Sale price: $888,000 ($600 psf)
104 & 105 – 8047 199 Street, Langley
- 2,655 sf finished strata office unit
- Ground floor unit
- Firm deal
- Closes late 2018
NEW CONSTRUCTION TRANSACTIONS
Spire Professional Centre
- 44,665 sf of shell office space (total)
- Three storey strata office building
- Built by Spire Development Corporation and designed by Christopher Bozyk Architects
- Sold out August 2018
240 – 8029 199 Street, Langley
Achieved a record high price per square foot for shell strata office in the Township of Langley’s Willoughby neighbourhood.*
- 2,062 sf shell strata office unit
- New condition, built 2018
- Sold September 2018
- Sale price: $1,110,000 ($538 psf)
We expect market activity to continue to increase in the next few years, with multiple office buildings planned for the area. If you have any questions about Langley’s office market or upcoming projects, please don’t hesitate to reach out.
Sources: Township of Langley, Commercial Edge, MLS/CLS, Frontline Real Estate Services Ltd.
*Record high price per square foot statement is based on all strata office sales recorded according to Commercial Edge and MLS/CLS as of November 22, 2018 as well as Frontline Real Estate Services’ sales data and research.