Office vacancy rates in Victoria are trending towards pre-pandemic levels. Overall vacancy decreased from 6.2% in Q1 2022 to 5.7% in Q2 2022.
- Strata office had an average sales price per square foot of $472 per square foot. Only 1% of the 400,000 square feet of strata office product were available for sale in Q2 2022.
- Victoria's office development continues to be active with 204,000 square feet currently under construction.