Victoria Retail Figures Q1 2025

–       The Greater Victoria retail market experienced a 5.7% year-over-year increase in available space, reaching 536,000 sq. ft. in Q1 2025. Average net asking rates in the Downtown submarket increased 10.7% quarter-over-quarter to $27.73 per sq. ft., while Suburban rents declined 4.7% to $29.00 per sq. ft.

–       Sublease availability jumped 17.7% to 39,000 sq. ft., with average asking sublet rents sitting at $20.44 per sq. ft. Sublet options remain significantly discounted compared to headlease availabilities.

–       The health & wellness sector has seen notable growth over the past year and many groups from the Lower Mainland are seeking expansion opportunities in Greater Victoria. Active tenants on the market include Nordic spa, pickleball, and pilates groups.

–       The Greater Victoria region is poised for an influx of new grocery stores. Loblaws is expanding their presence into the Downtown core with a new urban No Frills concept in the Hudson’s Public Market. In the midtown area near Mayfair Mall, Real Canadian Superstore is also confirmed to be the grocery anchor in a recently approved mixed use development at 760 Tolmie Avenue.