Victoria Office Figures Q4 2025

‒    Vacancy tightened across Greater Victoria as 48,000 sq. ft. of positive net absorption helped drive a 50 basis point (bps) decline, led by strong Downtown activity in Class B and C buildings. Suburban markets held steady with only a modest 10‑bp reduction, highlighting ongoing inventory constraints.

‒    Leasing momentum accelerated at year-end, anchored by more than 20,000 sq. ft. of activity at 777 Broughton Street and strengthened by a 7,000 sq. ft. lease in Sidney. This quarter’s activity reflects steady demand from healthcare users and professional service firms across both Downtown and suburban markets.

‒    Government space withdrawals persisted in the fourth quarter as several full-building offices were vacated throughout the year instead of extending or renewing. A full‑time return‑to‑office directive by the Provincial or Federal government in 2026 would stand in direct contrast to this trend and could drive notable leasing activity as agencies work to regain space back.