Concern about world economic conditions during 2009 had little impact on Victoria’s office market relative to other North American cities. Overall office vacancy in Victoria increased by 2% to 4.5% in 2009. Notwithstanding the global economic crisis,Victoria’s office market has shown amazing resilience, when compared to the double digit rates applicable to other Canadian markets. This is due mainly to a relatively low new supply over the last 10 year period. This shortage of new supply, overshadowed by greater absorption, has contributed to very low historical vacancy rates since 2006. See our web site
www.colliers.com for further details
