Victoria Industrial Figures Q4 2025

‒    Greater Victoria’s industrial availability was recorded at 5.4%, supported by 49,000 sq. ft. of positive absorption. The Westshore outperformed the other submarkets with a substantial 490 basis point (bps) quarterly drop in availability. Average net rents declined 6.5% year‑over‑year to $18.53 per sq. ft. but are expected to remain stable into next year.

‒    The Rock Bay area in Victoria proper saw increased availability in small to mid‑sized warehouses as occupiers adopted a more cautious position amid tariff pressures and local area challenges. However, demand for centrally located industrial space remains steady with tenants seeking spaces offering yard space, security, and parking.

‒    Westshore strata sales strengthened in the fourth quarter with units trading between $300 and $415 per sq. ft. The majority of freestanding industrial sales in 2025 were concentrated in the Rock Bay area and were configured for auto‑sales or repair uses. Industrial land demand also accelerated towards the end of the year with the Victoria Core remaining highly competitive despite limited available supply.