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Victoria Retail Market Report Q4 2022

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research article

The Victoria retail sector had a stable year in 2022 as the effects of the pandemic continued to dissipate and retailers began to return to pre-pandemic conditions.

  • Shopping centres experienced another year of decreased vacancy and increased absorption in 2022, with vacancy rates dropping to 2.7%. Just over half of this vacancy was observed in regional shopping centres.
  • Downtown street front vacancy increased to 10.2% in 2022, due in part to the addition of new supply. 1.1% of this vacancy is slated for redevelopment.
  • Retail investment sales were recorded at $109 million this year. When discounting the two major shopping centre transactions occurring in 2021 retail sales performed on par, if not better, year-over-year.

Victoria Retail Market Report Q4 2022

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Tyler Dolan

Managing Director | Vancouver Island


As Managing Director, Tyler is responsible for execution of Colliers business strategy on Vancouver Island.  Tyler has and has been active in the commercial real estate industry since 2001, and spent the majority of his career in both real estate and commercial finance with major financial institutions. In May 2018, Tyler assumed the role of Managing Director for the Colliers Vancouver Island office.

Tyler's priorities include business development, employee engagement, professional development, recruiting, financial management and performance, market identity and public relations. Tyler also takes an active role to ensure that all services offered by Colliers are offered to our clients.

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Adam Jacobs

Head of Research | Canada

Toronto Downtown

Colliers Canada's head of research, leading a cross-country team of 20 mapping, analytics and research professionals. Formerly head of Canada research at Cushman Wakefield and Director of Analytics at Oxford Properties. Featured in mainstream publications such as the Toronto Star, industry publications and podcasts. Specializing in the big picture and the fundamentals driving real estate - demographics, the macro environment and the global economy. 

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