Monday, September 28, 2020
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Victoria is the economic heart of the region and Vancouver Island. Proximity to Vancouver and Seattle, and its many sea and air links, make Victoria an obvious centre for business development and economic investment.

Business is thriving in Greater Victoria, especially among our top performing economic sectors. Find the right investment for your business.

Interactive Sold Map

Map of investment sales of commercial zoned properties $1M+ 

for 2018
 for 2019
2020 for 2020

 Clickon Google map viewer below to change layers. Toggle sales by year. For more information on any particular transaction, please contact Dustin Miller.

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Current Commercial Stats

Office Vacancy

Streetfront Retail Vacancy

Industrial Vacancy

Commercial Real Estate Sales Table

Commercial Real Estate Update 2020


The main recipient of investment dollars was the multifamily asset class. Rental apartment buildings accounted for nearly $500M worth of sales. Of that 30% of it occurred in Langford, a rising star in the province for population and job growth. This development friendly municipality will continue to lead the way in construction and delivery of new housing units in 2020.

Victoria is recognized as one of the strongest rental markets in the country, as buildings trade at significant discount to its Vancouver counterparts. View our dedicated page to Multifamily Asset Class.


The retail sector was boosted by the landmark $110M sale of Tillicum Center by Anthem Properties of Vancouver. In addition The sale of First Capital Realty’s portfolio Langford Centre

In the downtown core, new office and multi-family developments continue to provide upgraded retail options as well as an ongoing expansion of the traditional retail core. For example, 1515 Douglas and 989 Johnson providing prime retail opportunities.

In terms of new development, Langford also lead the way with the completion of Crombie REIT’s Belmont market which added 160,000 SF of regional retail space for Thrifty foods, anytime fitness, and Scotia bank.


Industrial sales were up 23% year over year to over $75M in 2019. The vacancy rate is at near 0% as existing industrial zoned land and business parks are at capacity. Tenants who are experiencing growth cannot expand or find relocations.

Once again, the Westshore is the regions growth centre with approx 225,000 SF of new industrial product for sale and lease at the Allandale business park which is located in Colwood. The 20 acre project is being undertaken by Omicron and Lotus Capital Corp.Going into 2020 we will see continued demand and upward pressure on the $15 avg base lease rate.

Sale transactions will be hard to come by as landlords enjoy their stable income producing properties.


Office Market has historically been dominated by the province and JAWL properties in Victoria. 2020, like 2019, will likely see no new office developments in the downtown core. The completion of capital park by JAWL/Concert has added 107,000SF of new supply for the province.

The technology sector is also a main driver of office leasing, accounting for 25% of activity in 2019. The suburban markets of Saanich, Langford, Colwood are seeing some modest construction with approx. 140 thousand SF of space to be delivered in 2020/21. 

Notable sales for 2019 were the 180K SF Gateway Technology Park acquired by Headwater. Downtown transactions included the 56K SF international house for $23.6M and 39K SF 780 Blanshard St was purchase for $14.6M by Reliance Properties of Vancouver.


Overall, Victoria punches good weight for its modest population of 330k. We will continue see vacancy compression for everything except retail. Multifamily housing will be the prime focus of investors and developers as the region faces a housing crisis and multiple layers of regulations and supply constraints contribute to unaffordability.

If you’re looking to buy, sell, or lease commercial property in 2020, please give me a call. I’d welcome the opportunity to work with you. 

Victoria Development Tracker Map

Knowledge is power. Get the latest information on active applications for development permits, rezoning, heritage alterations and more in an easy to use map and list.

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8X Commercial

1010 View Street, Suite 501
Victoria, BC V8V4Y3

Email: dustin@victoriamarket.ca

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Working hour:

Monday - Sunday: 08:00 - 18:00

Our Service Area:

Greater Victoria | Lower Mainland