Figures

Victoria Office Figures Q2 2026

TELUS Ocean delivers 154,000 sq. ft. of premium Class AA inventory

July 17, 2026 5 Minute Read

Looking for a PDF of this content?

Download

  • Greater Victoria office vacancy increased 110 basis points (bps) quarter-over-quarter to 10.8%, reaching double digits for the first time as new supply and large-block availabilities weighed on market fundamentals.
  • Leasing conditions remained tenant-favourable with local occupiers driving activity and landlords offering more competitive terms, suite improvements, and inducements to attract tenants.
  • TELUS Ocean delivered over 154,000 sq. ft. of new Class AA inventory downtown, reinforcing flight-to-quality demand while adding competitive pressure to existing vacant supply.
  • Federal return-to-office (RTO) requirements could support downtown demand as departments reassess space needs, with activity likely to unfold gradually as departments evaluate capacity and workplace requirements.