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Victoria Industrial Market Report Q2 2022

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research article

The Greater Victoria industrial sector remains strong and undersupplied with another quarter of decreasing and critically low vacancy at 0.1%. As demand far outpaces supply, Victoria’s industrial vacancy continues to be amongst the lowest in the country as it waits for new inventory to arrive in 2023 and 2024.

  • The average net rental rate is the second-highest in the country and has increased to $17.23 per square foot. This compares to Vancouver's average net rental rate of $19.19 per square foot.
  • There is currently 639,000 SF under construction, and most of these projects are on the West Shore. The Amazon warehouse currently under construction on Victoria International Airport lands will provide 115,000 square feet of warehouse space to serve as a delivery station for the region. 

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Victoria Industrial Market Report Q2 2022

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Tyler Dolan

Managing Director, Vancouver Island and Okanagan

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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Adam Jacobs

Senior National Director, Research | Canada

Toronto Downtown

Colliers Canada's head of research, leading a cross-country team of 20 mapping, analytics and research professionals. Formerly head of Canada research at Cushman Wakefield and Director of Analytics at Oxford Properties. Featured in mainstream publications such as the Toronto Star, industry publications and podcasts. Specializing in the big picture and the fundamentals driving real estate - demographics, the macro environment and the global economy. 

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