The number of condo units in downtown Victoria has increased by 10-times since 2016. (Black Press files)

Downtown Victoria sees 10-fold increase in condo units since 2016

A report by the Downtown Victoria Business Association details ongoing construction trends

Cranes have taken over the city’s skyline while pylons and reroutes have taken over the streets below. This ongoing development boom has seen a rapid increase in real estate, retail and rental spaces unparalleled in recent history.

According to a new report put forward by the Downtown Victoria Business Association (DVBA), in the past three years alone the number of condominium units has increased ten-fold.

READ MORE: Downtown Victoria receives B+ grade from local businesses

In 2016, the report reads, the number of downtown condo units sat at 122. By the end of 2019, this will sit at 1,218 thanks to 598 condo units completed by 2019, with an additional 620 condo units still under construction in 2019.

Comparatively, the number of rental units in the downtown area has only tripled, sitting at 176 in 2016 and estimated to be at 529 by the end of 2019.

ALSO READ: Longtime downtown Victoria restaurant gets renovicted

Retail space has increased by more than 7.5 times, with 18,690 sq. ft. available in 2016, and an estimated 145,230 available by the end of 2019.

ALSO READ: University of Victoria scraps student housing plan, opts for hotel instead

Office space, however has seen a slowdown this year, following a significant jump in 2017 and 2018 with the completion of the sites at 1515 Douglas St. and 750 Pandora Ave. which combined saw an additional 280,000 sq. ft. Despite the new space, office vacancy has seen a dip, dropping from 7.2 per cent in 2017 to 6.4 per cent in 2018. No new office space is currently slated for construction in 2019.

nicole.crescenzi@vicnews.com


Send a Tweet: @NicoleCrescenzi

Like us on Facebook  

Just Posted

Everything you need to know before getting the flu shot

Local pharmacist shares concerns, recommendations before flu season hits

Victoria’s Ultimate Toy Fair bounces back into Pearkes

The family-friendly event runs Oct. 19-20 at Pearkes

Oak Bay win first Bridgman Cup since 1973

Annual UVic event is an indicator for coming South Island finals, Island finals and provincials

For Central Saanich couple, fight against MS is a matter of family

Altenkirks sell greeting cards and wooden bowls to raise money for MS Society

WATCH: Greater Victoria’s top stories of the day

A round-up of the day’s top stories

POLL: Do you think the day of the federal election should be a statutory holiday?

Increasing voter turnout has long been a goal of officials across the… Continue reading

Potent power play paces Canucks to 5-1 win over Detroit

Miller nets a pair as Vancouver wins third straight

UPDATE: British couple vacationing in Vancouver detained in U.S. after crossing border

CBP claims individuals were denied travel authorization, crossing was deliberate

After losing two baby boys, B.C. parents hope to cut through the taboo of infant death

Oct. 15 is Pregnancy and Infant Loss Awareness Day in B.C.

Cheating husband sues mistress for gifted ring after wife learns about affair

The husband gave his mistress $1,000 to buy herself a ring in December 2017

B.C. massage therapist reprimanded, fined for exposing patients’ breasts

Registered massage therapist admits professional misconduct

B.C. boosts legal aid funding in new payment contract

‘Duty counsel’ service restored in some communities, David Eby says

VIDEO: Bear spies on cyclists riding by on Campbell River street

Riders seem unaware the bruin is mere feet away on the side of the road

Most Read