The Greater Victoria industrial sector remains strong and undersupplied with another quarter of decreasing and critically low vacancy at 0.1%. As demand far outpaces supply, Victoria’s industrial vacancy continues to be the amongst the lowest in the country as it waits for new inventory to arrive in 2023 and 2024.
- The average net rental rate is the second highest in the country and has increased to $17.23 per square foot. This compares to Vancouver's average net rental rate of $19.19 per square foot.
- There is currently 639,000 SF under construction, and most of these projects are in the West Shore. The Amazon warehouse currently under construction on Victoria International Airport lands will provide 115,000 square feet of warehouse space to serve as a delivery station for the region.