Victoria Retail Figures Q1 2026

‒    Retail fundamentals remained robust this quarter as total availability declined 3.8% quarter-over-quarter and 13.3% year-over-year, driven by strong absorption in the Highstreets and Suburban markets. While Downtown availability increased modestly due to new larger-format listings, leasing and investment activity remained active, and average net asking rents held steady at $30.43 per sq. ft.

‒    Downtown experienced a surge in new‑to‑market retail activity this quarter, particularly along the Highstreets, with notable openings including Tilly, Kit and Ace, and Oakberry Açaí Bowls. Several announced closures, most notably Eddie Bauer, Odd Burger, and Capital Iron, are located in prominent, built‑out spaces and are expected to be backfilled quickly.

‒    Approximately 95,000 sq. ft. of new retail space is expected to deliver next quarter, contributing to an estimated 254,000 sq. ft. of total annual supply, largely concentrated in Suburban markets. Beyond this near-term wave, the development pipeline is expected to stabilize, with more moderate retail completions projected through 2029.