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Victoria’s office vacancy rate ended 2007 at its lowest level in 12 years, thanks primarily to continued strong demand. One new office building and three smaller mixed-use office buildings were completed during 2007 in the suburban market, with virtually all available space pre-leased. No new downtown private sector office space was added for the ninth consecutive year. There is currently 234,000 square feet of new construction under way, with 195,000 square feet of this being built downtown. Vacancy rates will continue to edge even lower, pushing rental rates toward higher levels required to justify new construction. However, 2010 is the earliest anticipated delivery date for any significant new office space inventory supply capable of meeting this growing demand.
Contact Alessandro Roethel at 250.388.6454 for more information.
  2007 Victoria Office Report.pdf
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