The Greater Victoria office market performed steadily in the first quarter of 2020, with the vacancy rate remaining at 5.1% with no change from Q4 2019. During Q1 demand remained consistent with continued activity from both the public and private sectors. At the end of Q2, the vacancy rate has increased to 5.9%; but it is important to note that the Covid-19 pandemic played a nominal role in driving the vacancy increase.
- Overall absorption is - 70,718 SF with -69,081 SF occurring in the downtown core. Of the downtown negative absorption -55,707 SF, or, approximately 80% was due to the Province vacating the two buildings mentioned above.
- Suburban Class B office space is the best performing sector with a vacancy of 3.3% and Class A office space downtown is the next best performing sector with a vacancy rate of 4.2%.
- Class C office space has the highest vacancy with a combined vacancy of 13.4% between downtown and the suburbs.