Average industrial lease rates in Victoria are up 15 per cent this year from 2020, according to Colliers. The small industrial inventory of 9.3 million square feet remains driven by owner-occupiers, but this is changing due to Victoria’s spiralling land and lease costs, combined with low vacancies for lease space. With a 0.2 per cent vacancy rate – the lowest in North America – and average lease rates at $16.02 per square foot, higher even than Vancouver or Toronto, Victoria is the top industrial investor market in the country.
Victoria has a very strong multi-family market and residential sales are booming, but the real real estate play in B.C.’s capital could be industrial strata.
