Figures
Victoria Industrial Figures Q2 2026
BC Hydro acquisition sets industrial land benchmark in the Westshore
July 17, 2026 5 Minute Read
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- Industrial availability held flat at 6.0% quarter-over-quarter, although submarket performance continued to diverge. Availability increased 80 basis points (bps) in the Victoria Core, largely due to increased sublease opportunities, while the Peninsula and Westshore submarkets tightened by 140 bps and 60 bps, respectively.
- Average net asking rent across Greater Victoria reached $19.08 per sq. ft., surpassing the $19.00 per sq. ft. threshold for the first time since Q4 2024. By submarket, average rents were recorded at $19.90 per sq. ft. in the Victoria Core, $19.71 per sq. ft. in the Peninsula, and $17.74 per sq. ft. in the Westshore.
- Industrial land activity this quarter was marked by BC Hydro’s 21.7-acre acquisition at Langford Heights establishing a key benchmark. Two new industrial land opportunities emerged in the Westshore, including 9.5 acres at Langshire Lands and 10.0 acres at Centre Mountain Business Park.
- Industrial strata demand improved as remaining Westshore inventory narrowed, highlighted by Pacific Ridge Business Park selling out this quarter. Since 2025, new industrial strata supply in the Westshore has transacted at an average of $367.57 per sq. ft.