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Victoria Office Market Report Q4 2019

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research article

The office vacancy rate continues to tighten with demand outpacing supply. No further office developments under construction in the downtown region. 

  • Over 50% of new supply added this quarter was absorbed by a balanced mix of government leases, co-working and the growing tech sector. 
  • Rental rates continue to see upward pressure as a result of the demand and supply imbalances.
  • Suburban office vacancy declined by 30 bps and downtown up 40 bps temporarily due the addition of Capital Park phase two. Overall vacancy is forecast to decline further with numerous developments in the planning stages until new supply reaches the market. 

 


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Victoria Office Market Report Q4 2019

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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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