Figures

Victoria Office Figures Q3 2026

Renewed tech demand partially offsets election-related pause in government leasing

October 13, 2026 5 Minute Read

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  • Greater Victoria’s office vacancy rate improved by 30 basis points (bps) to 10.5%, supported by the successful lease-up of over 18,000 sq. ft. in the Azzurro building.
  • The overall average net asking rate remains stable at $21.46 per sq. ft. this quarter. The average rent was recorded at $19.74 per sq. ft. in Downtown and $24.53 per sq. ft. in the Suburban submarket.
  • Limited near-term development activity is expected to strengthen the pricing position of modern, well-located Class A properties and support continued rental growth. The average for overall Class AA and Class A net asking rent was $29.37 per sq. ft. this quarter, up 12.5% compared to $26.11 per sq. ft. recorded in Q1 2026.
  • Leasing demand remains concentrated in turnkey premises of 2,000 to 5,000 sq. ft., with the West Shore and premium Downtown assets continuing to attract stronger leasing interest.
  • While government leasing activity is expected to remain subdued during the fall election period, renewed investment in artificial intelligence is generating selective expansion within the technology sector.