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Victoria Industrial Market Report Q1 2020

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research article

Although this quarter’s industrial market statistics do not show any significant impacts of COVID-19, based on economic projections the Victoria industrial market will not remain unscathed. However, the Victoria industrial market is proving to be resilient – April and the beginning of May saw a limited number of tenants requesting rent relief, and we predict the industrial market is poised to rebound quickly from COVID-19.

  • The fundamentals of the Victoria industrial real estate market have been very strong leading into the COVID-19 situation. Vacancy is hovering near record lows.
  • Weighted average asking net rental rates are hovering at records highs.
  • The statistics reflect the entire quarter and there is a lag between real estate markets and economic impacts - as the COVID-19 situation is still in early stages and very dynamic, we at Colliers are monitoring the market very closely.

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Victoria Industrial Market Report Q1 2020

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For More Information, Please Contact:

Tyler Dolan

Managing Director, Vancouver Island and Okanagan

Victoria

yler Dolan is the Managing Director, Vancouver Island and Okanagan responsible for the execution of Colliers business strategy in the region. He is also the National Debt Advisory Lead for Canada.

Tyler 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.

Tyler joined Colliers’ Leadership Team in May 2018 working with advisors and operations staff on the success of their clients’ real estate needs. His priorities include business development, employee engagement, professional development, recruiting, market identity, financial management and performance.

Tyler is an alumnus of Royal Roads University with a Bachelor of Commerce, Camosun College with a Diploma in Business Administration, and UBC Sauder School of Business in Mortgage Brokerage Brokerage and Real Estate Trading Services in British Columbia.

Tyler is a past Board Member of the Downtown Victoria Business Association, Peninsula Minor Hockey Association, the Urban Development Institute, and the Victoria Brain Injury Society.

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