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At the end of 2008, Victoria’s office vacancy rate was at its lowest level in 13 years. This can be attributed to continued demand and lack of new supply, which was negative at (20,500) square feet. During 2008 we saw little evidence that the much publicized economic downturn had a significant effect on the Victoria office market. There is currently 345,300 square feet of new construction under way, with 190,000 square feet being built downtown. Vacancy levels have likely reached a low point, pushing rental rates for quality A and B space toward levels required to support new construction. It is anticipated that 2010 is the earliest delivery date for any significant new office space inventory.
Contact Alessandro Roethel at 250.388.6454 for more information.
  2008 Victoria Office Report.pdf
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