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.