Victoria’s office market experienced steady leasing activity in the new year, although demand remained largely industry specific. Professional service users like accountants, lawyers, medical users, and engineers were some of the main drivers of demand this quarter. Meanwhile, technology companies have continued to return space, resulting in an increase in sublease vacancy.
- Although investment activity remained slow, demand for owner-occupier strata units picked up. These units were mainly sold to medical users, and averaged $574.81 per square foot, an impressive 27.0% increase year-over-year.