Victoria Retail Figures | Q4, 2023

‒ In Q1 2024, Greater Victoria's retail market recorded over 486,000 sq. ft. in available inventory, representing a 6.3% increase from last quarter with most new spaces under 2,000 sq. ft. The average asking rate was recorded at $28.01 per sq. ft. with a slight rent decline in the Downtown area but stable rate across the suburban markets. ‒ Despite limited turnkey supply, quick-service restaurants (QSRs) and daycare operators continue to be active in the retail market, often resorting to renovation or custom buildouts to meet their needs. ‒ Two mixed-use projects completed at 952 Johnson Street and 47-51 Gorge Road, adding over 5,000 sq ft of commercial space to inventory. The Roundhouse at Bayview Place and Chard’s development at 710 Caledonia Ave have both received approval by their respective municipalities this quarter, contributing to over 138,000 sq. ft. to the commercial pipeline. ‒ Development activity in Colwood has picked up with two new projects, Arbutus Landing and Parcel B at Royal Bay. Both developments are engaging in pre-leasing activity which aids developers in gauging demand while allowing tenants to negotiate favourable lease conditions.