Victoria Industrial Figures Q1 2025

–       The industrial availability rate in Greater Victoria increased to 5.8% this quarter, up 70 basis points (bps) quarter-over-quarter, driven by a rise in freestanding industrial properties listed for sale, and recently delivered strata inventory marketed for lease. Average net asking rates softened to $18.47 per sq. ft. in response to the pace in which new supply is being absorbed.

–       This quarter saw a notable increase in availability for automotive-related facilities, particularly in the Rock Bay area. Local automotive occupiers are expected to face rising costs for imported U.S. made repair products, tools, and supplies due to the ongoing tariffs.

–       The Greater Victoria economy, primarily driven by government and public services, is relatively insulated from the impacts of the ongoing trade war; however, the local industrial landscape is unlikely to experience growth until the uncertainty settles.

–       The anticipated recovery of the industrial market has been delayed by political changes and the trade war, with continued softness expected into 2025 as new strata supply remains unabsorbed. Listed prices for new strata products have dropped to as low as $325.00 per sq. ft. for sales and $18.00 per sq. ft. for leases.