Industrial outlook: Victoria leads capital cities into 2021
B.C. capital has the lowest industrial vacancy rate in North America and the highest lease rates in Canada. December 30, 2020 Omicron and partner building a $100M industrial park in Greater Victoria. | Omicron With a 0.7 per cent vacancy rate – the lowest in North America – and average lease rates the highest in Canada, Victoria, B.C. has the strongest industrial market among capital cities in Western Canada. Local agents say the small industrial market of 9.3 million square feet remains driven by owner-occupiers. At least for now. “We are seeing a lot of developers coming out of Vancouver who will plan and build industrial for lease and for sale,” said Ty Whittaker, vice-president with Colliers International, Victoria. “But Victoria is really an owner-occupier market.”