Victoria Office Market Report Q4 2019

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research article

The office vacancy rate continues to tighten with demand outpacing supply. No further office developments under construction in the downtown region. 

  • Over 50% of new supply added this quarter was absorbed by a balanced mix of government leases, co-working and the growing tech sector. 
  • Rental rates continue to see upward pressure as a result of the demand and supply imbalances.
  • Suburban office vacancy declined by 30 bps and downtown up 40 bps temporarily due the addition of Capital Park phase two. Overall vacancy is forecast to decline further with numerous developments in the planning stages until new supply reaches the market. 

 


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Victoria Office Market Report Q4 2019

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Tyler Dolan

Managing Director, Vancouver Island

Victoria

As Managing Director, Tyler is responsible for execution of Colliers business strategy on Vancouver Island.  Tyler has and has been active in the commercial real estate industry since 2001, and spent the majority of his career in both real estate and commercial finance with major financial institutions. In May 2018, Tyler assumed the role of Managing Director for the Colliers Vancouver Island office.

Tyler's priorities include business development, employee engagement, professional development, recruiting, financial management and performance, market identity and public relations. Tyler also takes an active role to ensure that all services offered by Colliers are offered to our clients.

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Sim Waraich

Research Coordinator

Victoria

Sim graduated from the University of Victoria with a Bachelor of Commerce with a focus in Finance and Accounting. Prior experience includes working with Colliers in the Valuation and Advisory Services department in 2017. In 2018 Sim worked with the  British Columbia Investment Management Corporation  with the Investment Valuation team. 

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