Office, Industrial & Retail Space

Greater Victoria's strong, growing business community and the demand for quality office space have resulted in a number of new construction projects downtown and in neighboring municipalities. According to the 2009 Colliers International Office Market Report, overall office vacancy in Victoria increased by two per cent to 4.5 per cent in 2009. Notwithstanding the global economic crisis, Victoria's office market has shown amazing resilience when compared to the double-digit rates applicable to other Canadian markets. During 2009, eight new and refurbished buildings, totalling 120,800 square feet, were added to the office supply, exceeding the 10-year average of 83,000 square feet. Downtown supply increased by 29,500 square feet and suburban supply increased by 91,300 square feet. 2010 will see the largest new supply since 2001 with a total of 334,200 square feet of new office space scheduled for completion.

Industrial space in Greater Victoria tends to be provided on a build-to-suit basis so net absorption is closely related to net new supply.

The continuing strength of the retail market has led to the construction of retail space in some areas, including downtown, in shopping centres, and suburban plazas.

The GVDA provides assistance to businesses looking to lease, buy, or build office, industrial, and retail space.

See more information in our latest newsletter.