New Westminster Office Building Sales — Price Per SF Analysis (2016–2023)
New Westminster Office Building Sales — Price Per SF Analysis (2016–2023)
This report analyzes 16 office building transactions recorded in New Westminster between May 2016 and January 2023, representing $111 million in total transaction volume. New Westminster’s office market occupies an underappreciated position in Metro Vancouver — offering SkyTrain connectivity, a concentrated downtown commercial core on Columbia Street, government tenancy concentration, and pricing at a meaningful discount to downtown Vancouver. Data compiled by David Taylor, Senior Vice President at Colliers International in Vancouver, and tracked on Vancouver Market.
Key Market Observations
Consistent appreciation over the dataset period. Annual average $/SF rose from $344 in 2016 to $540 in 2022 — a 57% increase in six years. The trend reflects growing investor recognition of New Westminster’s transit connectivity, government tenancy concentration, and affordability relative to Vancouver.
Repeat sales confirm value creation. 422 6th Street appreciated from $221/SF (Sep 2016) to $410/SF (Aug 2018) — an 86% increase in two years. 630 5th Street moved from $466/SF (May 2016) to $602/SF (Jan 2022). 65 Richmond Street rose from $293/SF (Dec 2017) to $380/SF (Jan 2022).
Columbia Street and 6th Street dominate activity. These two corridors account for the majority of transactions and the highest dollar volumes, reflecting the concentration of institutional-quality office space in New Westminster’s downtown core.
New Westminster offers a yield premium over downtown Vancouver. At $407/SF average, New Westminster office trades at roughly 40% of downtown Vancouver AAA pricing ($918–$1,071/SF) and at a moderate discount to Surrey ($473/SF). For investors seeking government-tenanted suburban office with SkyTrain access, the pricing gap represents a genuine opportunity.
2022 was the peak year — $637/SF at 301–309 6th Street. The $22,050,000 transaction at 301–309 6th Street in October 2022 was the largest by dollar volume and the highest $/SF in the dataset, establishing a new pricing ceiling for New Westminster office product.
All 16 Transactions
301–309 6th Street — $22,050,000 ($637/SF, Oct 2022). 435 Columbia Street — $17,200,000 ($377/SF, Dec 2021). 620 Royal Avenue — $15,500,000 ($351/SF, Dec 2019). 625 5th Avenue — $10,200,000 ($196/SF, Aug 2017). 237 East Columbia Street — $6,750,000 ($532/SF, Mar 2021). 422 6th Street — $6,500,000 ($410/SF, Aug 2018). 65 Richmond Street — $5,500,000 ($293/SF, Dec 2017) and $7,140,000 ($380/SF, Jan 2022). 319 Governors Court — $4,105,000 ($414/SF, Oct 2017). 93 Sixth Street — $4,200,000 ($377/SF, Jan 2023). 422 6th Street — $3,500,000 ($221/SF, Sep 2016). 601 Queens Avenue — $2,770,000 ($575/SF, Jan 2020). 302 Columbia Street — $1,920,000 ($289/SF, Oct 2020). 630 5th Street — $1,200,000 ($466/SF, May 2016) and $1,550,000 ($602/SF, Jan 2022). 615 Fourth Avenue — $1,000,000 ($395/SF, Oct 2020).
Frequently Asked Questions
What is the average price per square foot for a New Westminster office building?
Based on 16 transactions recorded between 2016 and 2023, the average price per square foot for a New Westminster office building is approximately $407. Pricing ranges from $196/SF for larger, older buildings to $637/SF for well-located, modern product on the 6th Street corridor. The Columbia Street, 6th Street, and Royal Avenue corridors command the highest values.
How have New Westminster office prices changed since 2016?
Annual average pricing has risen from $344/SF in 2016 to $540/SF in 2022 — a 57% increase. Individual repeat sales show even stronger appreciation: 422 6th Street appreciated 86% in two years, and 630 5th Street gained 29% over six years. The market softened slightly in 2023, consistent with broader Metro Vancouver office trends, but the long-term trend remains positive.
How does New Westminster office pricing compare to other Metro Vancouver markets?
At $407/SF average, New Westminster office trades at roughly 40% of downtown Vancouver AAA pricing ($918–$1,071/SF) and at a moderate discount to Surrey ($473/SF average). It offers a meaningful yield premium for investors willing to look beyond the downtown core, with comparable or superior transit access to many suburban Surrey locations.
What was the largest New Westminster office sale?
The largest transaction in the dataset is 301–309 6th Street, which sold in October 2022 for $22,050,000 ($637/SF) — both the highest dollar volume and the highest per-SF result in the dataset. The second-largest by dollar volume is 435 Columbia Street at $17,200,000 ($377/SF, December 2021).
Is now a good time to sell an office building in New Westminster?
New Westminster’s office market benefits from SkyTrain connectivity (three stations), government tenancy concentration, and affordable pricing relative to Vancouver. While transaction volume has moderated since 2022, the market has demonstrated consistent appreciation over the 2016–2022 period. For long-term holders, the embedded appreciation is meaningful. David Taylor at Colliers International offers confidential consultations on current market value. Contact david.taylor@colliers.com or 604-761-7044.
For New Westminster Office Building Owners
If you own an office building in New Westminster and would like to understand its current market value, David Taylor welcomes confidential inquiries from property owners at any stage of the decision-making process.
david.taylor@colliers.com |
604-761-7044 | Vancouver, BC
Interactive Chart & Full Transaction Table
The scatter chart and complete 16-transaction table are below. Hover over any data point for property details.