Metro Vancouver’s commercial real estate market booked a record number of sales over $10 million in the first quarter of 2012, according to new research by the firm RealNet Canada, although the total number of transactions were lower than the last quarter of 2011.

The region saw 24 property sales in excess of $10 million, which exceeded the previous record in 2009 by three transactions.

Paul Richter, RealNet’s national research manager said that is a positive indicator for the market.

“Bigger really shows that there’s extreme confidence in the market,” he said.

Three new highrise towers planned beside Rogers Arena will feature several hundred rental units as their residential component instead of condominiums.

“It’s in the heart of the downtown core and we thought it would be a great rental project,” said David Negrin, president of Aquilini Developments and Construction, on Wednesday. “We’re taking some risk, but feel there’s a real requirement for rentals in downtown Vancouver.”