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Victoria Office Market Report Q2 2020

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research article

The Greater Victoria office market performed steadily in the first quarter of 2020, with the vacancy rate remaining at 5.1% with no change from Q4 2019. During Q1 demand remained consistent with continued activity from both the public and private sectors. At the end of Q2, the vacancy rate has increased to 5.9%; but it is important to note that the Covid-19 pandemic played a nominal role in driving the vacancy increase. 

  • Overall absorption is - 70,718 SF with - 69,081 SF occurring in the downtown core. Of the downtown negative absorption - 55,707 SF, or, approximately 80% was due to the Province vacating the two buildings mentioned above.
  • Suburban Class B office space is the best performing sector with a vacancy of 3.3% and Class A office space downtown is the next best performing sector with a vacancy rate of 4.2%.
  • Class C office space has the highest vacancy with a combined vacancy of 13.4% between downtown and the suburbs.


Victoria Office Market Report Q2 2020

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For More Information, Please Contact:

Tyler Dolan

Managing Director, Vancouver Island and Okanagan


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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