The industrial market has seen continued strength in Greater Victoria. Average overall vacancy decreased from 1.0% in Q4 2020 to 0.7% in Q1 2021, the second lowest in all of Canada.
- The average net rental rate is the highest in the country, currently sitting at $15.61 per square foot.
- The Westshore region continues to lead the way in new construction. Over 375,000 SF of industrial space will be added to the Westshore in the coming years.