New Westminster Office Building Sales: A Price Per SF Analysis (2016–2023)
New Westminster’s office investment market occupies an underappreciated position in the Metro Vancouver landscape. As British Columbia’s oldest city and the historical commercial capital of the province, New Westminster has a concentrated downtown office core anchored by the Columbia Street corridor, a dense SkyTrain network with three stations serving the municipality, and a growing population base driven by affordability relative to Vancouver. Office buildings here trade at a meaningful discount to downtown Vancouver — representing a genuine yield opportunity for investors who understand the market.
This report analyzes 16 office building transactions recorded in New Westminster between May 2016 and January 2023, representing $111 million in total transaction volume. The data is drawn from publicly reported sales compiled on Vancouver Market.
Price Per Square Foot Over Time
The chart below plots every transaction against its date of sale. Hover over any point for property details.
Market Observations
2016–2017: An Affordable Starting Point
The dataset opens at pricing that reflects New Westminster’s historical positioning as a secondary suburban office market. In September 2016, 422 6th Street sold for $3,500,000 at $221/SF — the same building would trade two years later at $6,500,000 ($410/SF), a near-doubling in value. In August 2017, 625 5th Avenue sold for $10,200,000, but at just $196/SF — the dataset’s all-time low, likely reflecting the building’s scale (52,000 SF), age, or income profile at the time. These 2016–2017 entry points rewarded buyers who recognized the gap between New Westminster’s pricing and its underlying fundamentals.
2018–2019: Value Discovery on Columbia and Royal
Two significant transactions established New Westminster’s downtown core as a legitimate investment market. The August 2018 resale of 422 6th Street at $410/SF confirmed the appreciation trajectory for Columbia Street office product. More notably, in December 2019, 620 Royal Avenue — a 44,158 SF building — traded for $15,500,000 ($351/SF), the second-largest deal in the dataset by dollar volume. Royal Avenue’s proximity to the Law Courts and multiple SkyTrain stations makes it one of the most transit-connected office addresses in the municipality.
“New Westminster office buildings that traded at $196–$221 per square foot in 2016–2017 have seen values climb to $377–$637 per square foot by 2022 — a repricing that reflects the municipality’s transit connectivity, government tenancy concentration, and growing appeal to suburban office investors.”
2020–2021: Pandemic Resilience
Despite the disruption of COVID-19, New Westminster’s office market recorded five transactions between January 2020 and December 2021. The standout was 601 Queens Avenue, which traded in January 2020 at $575/SF — one of the highest per-SF results in the dataset at the time, likely reflecting superior building quality or tenancy. The December 2021 sale of 435 Columbia Street for $17,200,000 ($377/SF) was the largest transaction by dollar volume through that point, covering 45,624 SF on New Westminster’s primary commercial street.
2022: The Peak — $637/SF on 6th Street
2022 was the dataset’s pricing peak. Three transactions closed, with 301–309 6th Street achieving $22,050,000 ($637/SF) in October — the highest per-SF result in the entire dataset and the largest single transaction by dollar volume. 630 5th Street also traded at $602/SF in January 2022, having previously traded in 2016 at $466/SF — a repeat sale that demonstrates a 29% appreciation over six years. The average $/SF across 2022 transactions reached $540, nearly double the 2016–2017 average of $301.
Key Observations for Investors and Property Owners
Consistent appreciation over the full dataset period. Annual average pricing has risen from $344/SF in 2016 to $540/SF in 2022 — a 57% increase over six years. Even accounting for the 2023 moderation to $377/SF (reflecting a single small transaction), the long-term trend is clearly upward.
Repeat sales confirm value creation. Two properties have traded twice in the dataset. 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) — a 29% increase over six years. These repeat sales provide the most reliable benchmarks for long-term value creation in the market.
65 Richmond Street traded twice at different price points. This building sold at $293/SF in December 2017 and $380/SF in January 2022 — a 30% increase over four years, consistent with the broader market repricing observed across the dataset.
New Westminster offers a yield premium over downtown Vancouver. At an average of $407/SF, 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). For investors seeking suburban office exposure with government tenancy concentration, SkyTrain access, and an established commercial core, New Westminster remains undervalued relative to comparable markets.
The Columbia Street and 6th Street corridors dominate. Columbia Street and 6th Street account for the majority of transactions and the dataset’s highest dollar volumes, reflecting the concentration of institutional-quality office space in New Westminster’s downtown core. Royal Avenue and Queens Avenue have also produced notable transactions, particularly for government-adjacent or professional services tenanted buildings.
Transaction Table — All 16 Sales (2016–2023)
All transactions sorted newest to oldest.
| Date | Property | Sale Price | $/SF |
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