Victoria Industrial Figures | Q1, 2024

‒ The availability rate in Greater Victoria rose by 140 basis points (bps) to 4.8% as a result of the completion of two strata developments in the Westshore. Availability is expected to remain elevated in the short term and then normalize as the economic market recovers. ‒ IntraUrban Cornerstone and Pacific Ridge completed construction, adding over 229,000 sq. ft. to the total inventory. Wildcat Industrial is close to completing construction and will achieve occupancy in the next quarter. A new build-out-suit industrial land opportunity, Beacon West, was marketed this quarter and offers the ability to lease or purchase large warehouse space in the Saanich Peninsula. ‒ New industrial inventory has been primarily small-bay strata units in the Westshore. Available space remains tight in the other industrial hubs of Esquimalt, Victoria, and Saanich. As well, demand for large-bay warehouses with parking and yard space remains high. ‒ In Q1 2024, several industrial properties were purchased by government for various repurposing uses including creating a new downtown park, upgrading an operation facility, and a multifamily redevelopment to support the new transit-oriented development regulations.