Victoria MarketBeat Reports

Victoria’s office market vacancy continued its downward trend in the first quarter of 2019, marking a 123-basis point year-over-year decrease to 6.4%. Growing private sector demand has facilitated the absorption of new Class AAA inventory, indicating a market shift away from public sector dominance. 

The Industrial Market in Greater Victoria remains moderately inactive as inventory remains low and availability is scarce. Tenants continue to struggle to find suitable space, as most available inventory suffers from either poor location outside of the city centre or issues with infrastructure and design.

The Victoria retail market remains tight as the number of quality spaces available is limited. Brick-and-mortar retailers continue to strategically compete in a tough retail market due to the rise of ecommerce merchants.