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Victoria Retail Market Report Q4 2022

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research article

The Victoria retail sector had a stable year in 2022 as the effects of the pandemic continued to dissipate and retailers began to return to pre-pandemic conditions.

  • Shopping centres experienced another year of decreased vacancy and increased absorption in 2022, with vacancy rates dropping to 2.7%. Just over half of this vacancy was observed in regional shopping centres.
  • Downtown street front vacancy increased to 10.2% in 2022, due in part to the addition of new supply. 1.1% of this vacancy is slated for redevelopment.
  • Retail investment sales were recorded at $109 million this year. When discounting the two major shopping centre transactions occurring in 2021 retail sales performed on par, if not better, year-over-year.


Victoria Retail Market Report Q4 2022

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Tyler Dolan

Senior Managing Director, Vancouver Island and Okanagan


Tyler 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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Adam Jacobs

Head of Research | Canada

Toronto Downtown

Colliers Canada's head of research, leading a cross-country team of 20 mapping, analytics and research professionals. Formerly head of Canada research at Cushman Wakefield and Director of Analytics at Oxford Properties. Featured in mainstream publications such as the Toronto Star, industry publications and podcasts. Specializing in the big picture and the fundamentals driving real estate - demographics, the macro environment and the global economy. 

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