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Victoria Retail Market Report Q4 2021

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research article

The Victoria retail sector fared well during the ongoing trials of the pandemic in 2021.

  • Shopping centre vacancy in Q4 2021 decreased compared to Q4 2020, and we saw 82,000 SF of absorption.
  • Downtown street-front vacancy increased from 6.0% in 2020 to 7.9% in 2021. Of this 7.9% vacancy, 1.9% is slated for redevelopment.
  • Investment was at a high point for the market at $425 million. This was number was inflated by the sales of Mayfair Mall and Eagle Creek Village.


Victoria Retail Market Report Q4 2021

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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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Leo Lee

Director, National Research Operations | Canada

Toronto West

Leo Lee is the Director of National Research Operations | Canada and oversees the strategic direction and operations of Colliers Canada Research. He focuses on developing the capabilities of the national research team that leverages Colliers' best-in-class market intelligence and platforms to provide clients with valuable market insights.

Leo joined Colliers International in 2008 and was most recently the Regional Director of Research for Eastern Canada.

He has over 10 years of experience in the real estate market across Canada and New Zealand and draws on his professional experience as a commercial appraiser and real estate consultant.

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