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.