Victoria Office Figures Q1 2026

‒    Office vacancy increased 100 basis points (bps) to 9.7% this quarter, driven primarily by an influx of large Class AA and Class A floorplates returned to the market following government space reductions. Vacancy growth was concentrated in the Downtown core, where vacancy rose to 14.3%, while the Suburban market remained comparatively stable with vacancy increasing only 20 bps to 6.1%.

‒    Rare Class AA availability emerged this quarter, highlighting a notable shift in market conditions. Large floorplates became available in two Jawl Properties assets, alongside newly listed space including 14,000 sq. ft. at the Jutland Arc Building, 16,000 sq. ft. at Eagle Creek Village, and 27,000 sq. ft. at the Yates Centre.

‒    Office investment opportunities expanded this quarter as a near‑term trend of court‑ordered receivership listings emerged. Notably, the fully leased 59,000 sq. ft. Terminus Building in the Westshore is being offered for sale at $27.0 million under receivership, while the Victoria Press Building, following an extended marketing period, has entered the receivership process.