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Victoria Retail Market Report Q4 2023

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research article
  • The Greater Victoria retail market experienced a stable year, with both downtown street front and shopping centre leasing activity remaining on par with historical record.
  • At the end of 2023 street front vacancy was recorded at 9.2%, down 100 basis points year-over-year (YoY), with 16.3% of overall vacant street frontage slated for redevelopment.
  • Shopping centre leasing activity levels remained consistent in 2023, with vacancy levels at 2.6%.
  • Overall shopping centre absorption levels totaled 172,753 square feet, largely due to the introduction of new product that came to the market already leased.

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Victoria Retail Market Report Q4 2023

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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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Tyler Dolan

Senior Managing Director, Vancouver Island and Okanagan

Victoria

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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