Office market surprisingly stable in 2020: report
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According to Colliers International‘s latest Victoria Office Market Report, the overall vacancy rate was 6.2% in the fourth quarter of 2020. That’s up from 5.9% the previous quarter. The report credits the relatively stable numbers to the public sector and tech businesses, which account for a large portion of office inventory in Greater Victoria.
Businesses that have lost revenue because of the pandemic are depending on a successful immunization rollout so the economy can begin a full recovery and allow government to end subsidies.
The report forecasts that demand for quality office space in good locations will continue to be strong after the pandemic.