Victoria office vacancy decreased significantly from last year as market demand remains steady.
- Vacancy rates decreased 2.4% from last year with steady demand for office space. The public sector comprised of 31% positive absorption while pre-leasing majority of new class AA office developments.
- Rents remain stable with suburban class A office not far behind downtown class A rents largely due to lack of available large floor plates and parking.
- Tenants search for new high quality office premises as class C office is at the highest vacancy of 12.8%