Victoria Office Figures Q3 2021

22 sep. 2021

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  • As vaccination efforts continue throughout BC, renewed optimism and pent-up demand are driving Victoria office market activity and increasing interest for larger office floorplates.
  • Overall vacancy rates witnessed an 80-basis point decrease from 7.6% to 6.8%, however Victoria’s tech industry continues to bloom. Persistent demand for product through the tech sector along with strong activity from the public and private sectors continues to stifle further increases to the vacancy rate.
  • Average net asking rents witnessed a 2.1% decrease quarter-over-quarter, increasing demand from office occupiers. Heightened demand for flexible office space continues as companies adapt to new working cultures incited by the pandemic.