Greater Victoria industrial vacancy remains below 1%. Major business parks are at capacity as tenants find limited options for relocation and expansion limiting growth opportunities.
- Demand and supply imbalances exert upward pressure on rental rates to unprecedented levels.
- Vacancy will remain stable at below 1% until new supply reaches the market.
- The Allandale Lands are a landmark development in the Westshore region providing 225,000 sf of industrial strata space for lease and sale over a number of phases. This is expected to temporarily ease the downward pressure on the vacancy rate.
