The Greater Victoria's retail market segment slowed throughout 2020 and vacancy rates increased due to the impacts of COVID-19.
- Downtown street-front vacancy increased from 3.1% in Q4 2019 to 6.0% in Q4 2020. This can be accredited to the transition to the work-from-home dynamic and a reduction in tourism in the Victoria market.
- Retail centre vacancy increased from 5.0% in Q4 2019 to 5.8% in Q4 2020. Many tenants survived the pandemic because of essential anchor tenants (grocery, liquor, etc.) and government subsidies.