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Victoria Retail Market Report Q4 2016

Victoria Retail Market Report Q4 2016

Victoria Retail Market Report Q4 2016

Overall, 2016 was a positive year for retail in Greater Victoria, with many vacant spaces securing tenants, making it a busy year for retail leasing. The retail street front survey in Downtown Victoria saw a significant drop in vacancy, from 8.53% in year-end 2015 to 5.45% in year-end 2016. This decline occurred in spite of the survey area increasing to account for the ongoing expansion of retail in the downtown core. This positive retail story can be attributed to a number of factors:

  • Tourism was up through the region
  • The tech industry has continued to grow in the downtown core, fueling retail demand from tech employees
  • Downtown residential density has continued to expand

Shopping centres in Victoria also experienced an overall decrease in vacancy, from 5.24% in year-end 2015 to 4.43% in year-end 2016. The reasons for this drop include:

  • Major vacancies Target's departure caused have been filled
  • New supply at Eagle Creek Village has largely been leased
  • There is increasing demand in smaller markets over previous years

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