Figures

Victoria Retail Figures Q3 2026

Local tenants drive streetfront demand while shopping centres add national brands

October 22, 2026 5 Minute Read

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  • Greater Victoria retail availability rose 8.3% quarter-over-quarter to over 517,000 sq. ft., driven largely by 84,000 sq. ft. of new supply delivered this quarter. The average net asking rate rose 2.0% to $32.13 per sq. ft., led by a 4.0% increase in Downtown rents.
  • Local food and beverage concepts led leasing activity this quarter with a wave of new cafés and sandwich shops opening across the region. Shopping centres are also refreshing their tenant mix, with Sephora joining Hillside Mall and Bailey Nelson, MUJI, and Kiyoko Beauty joining Mayfair Mall.
  • Over 84,000 sq. ft. of new retail space completed construction this quarter with a further 80,000 sq. ft. expected next quarter. Notable completions include Spencer Block at 635 Chatham Street, The Scott Building at 2659 Douglas Street and Arbutus Landing at 3601 & 3605 Ryder Hesjedal Way.
  • Victoria’s cruise industry welcomed a record-breaking over 1 million passengers across 332 calls this summer. Hotel performance strengthened through the season with RevPAR up 7.7% year-over-year in August and 9.0% in September, a positive sign for tourism-driven retail demand Downtown.