Colliers Canada National Market Snapshot 2021Q1
Q1 2021 brought both the vaccine rollout but also renewed lockdowns, however, this time around many businesses knew how to respond, resulting in minimal job losses. Although sublet space remains an issue, the flood of space coming to the market has slowed, and some believe as 2021 progresses, and employees start returning to the office, we will start to see more sublet offerings being removed from the market. Colliers Canada is pleased to present our 2021 Q1 National Market Snapshot, with national statistics and regional market insights including vacancy rates and average net asking rents for office and industrial fundamentals in 11 key markets across Canada.
Q1 2021 brought both the vaccine rollout but also renewed lockdowns, however, this time around many businesses knew how to respond, resulting in minimal job losses. Although sublet space remains an issue, the flood of space coming to the market has slowed, and some believe as 2021 progresses, and employees start returning to the office, we will start to see more sublet offerings being removed from the market.
Colliers Canada is pleased to present our 2021 Q1 National Market Snapshot, with national statistics and regional market insights including vacancy rates and average net asking rents for office and industrial fundamentals in 11 key markets across Canada.
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Vacancy Rate
Vacancy Rate
Q1 2021
Victoria Market
Office Fundamentals
Vacancy Rate Average Asking Net Rent
Key Findings
• An interesting dynamic persists for the Greater Victoria Area office market, in
that downtown vacancy remains stable while suburban vacancy continues to
be on the rise, specifically for Class B and C buildings.
• Net asking rates for office have remained steady for most Class A office
buildings, whereas they fluctuate across Class B and C buildings, depending on
building and ownership, portfolio vacancy, as well as nearby competing options.
8%
7%
6%
5%
4%
3%
6.1%
$23.00
$28
$27
$26
$25
$24
$23
Avg. Asking Net Rent (PSF)
• The industrial market in Greater Victoria remains incredibly tight. Although
there is some availability, there are no active listings for vacant industrial space.
When space does become available, whether it be for sale or lease, it is
almost immediately bought or leased.
• Industrial rental rates have consistently been in the $15 to $16 PSF range, but
due to steady demand and limited supply, rents for some spaces are starting
hover above $17 PSF.
2%
Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021
$22
Statistics
Downtown
Office
QoQ
Suburban
Office
QoQ
Total
Office
QoQ
Total
Industrial
QoQ
Industrial Fundamentals
Vacancy Rate Average Asking Net Rent
6%
$15.61
$16
Vacancy Rate 7.3% 4.5% 6.1% 0.7%
Total Vacancy (SF) 368,323 169,568 537,891 62,910
Direct Vacancy (SF) 354,894 161,577 516,471 -
Sublet Vacancy (SF) 13,429 7,991 21,420 -
5%
4%
3%
2%
1%
0.7%
$15
$14
$13
$12
$11
Avg. Asking Net Rent (PSF)
Industrial Availability Rate - - - 0.7%
Industrial Available Space (SF) - - - 62,910
Avg. Asking Net Rent (PSF) $24.10 $21.91 $23.00 $15.61
Net Absorption (SF) -8,834 20,473 11,639 31,517
Net Absorption (SF) - YTD -8,834 20,473 11,639 31,517
New Supply (SF) 0 0 0 3,600
0%
Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021
$10
New Supply (SF) – YTD 0 0 0 3,600
Under Construction (SF) 16,500 154,455 170,955 100,000
Canada
Victoria Vancouver Edmonton Calgary Regina Winnipeg Waterloo Toronto Ottawa Montréal
Halifax
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