The industrial market has seen continued strength in Greater Victoria, contrary to the impacts COVID-19 has had on other commercial real estate asset classes. Quarter-over-quarter we saw a decrease of 0.6% in industrial vacancy to 1.0%.
- The tightness in the industrial market has created a need for build-to-suit opportunities for those who need to expand their business.
- The Westshore region continues to lead the way in new construction and absorption. Several projects are being developed and planned for the coming years.