Victoria, BC · Office
Office lease rates per square foot in Victoria
What does office space cost in Victoria?
Office tenants in Victoria pay about $24.00/sf per year in net rent plus roughly $17.00/sf in recoverable operating costs — a gross occupancy cost near $41.00/sf per year before any free rent or improvement allowance.
01The market
Net rent
$24.00/sf/yr
Band $18.75/sf–$29.25/sf
TMI / CAM
$17.00/sf/yr
Recoverable operating cost
Availability
8.6%
Vacancy and sublease space
Gross occupancy
$41.00/sf/yr
Net + additional rent
02Your lease, priced
Model an offer against this market
Pre-filled with Victoria office figures. Change anything; the numbers and the printable comparison sheet update as you type.
Offer A — Victoria office
Tenant occupancy cost
$44.30/sf/yr
$4,430,264 over 10 years
Effective net rent (straight-line)
$21.19/sf/yr
Face average $26.89/sf/yr
Effective net rent (NPV)
$18.52/sf/yr
Discounted at 7%
Inducement cost
$57.00/sf
21.2% below face net rent
6 months free and $45.00/sf of TI cut the landlord's effective net rent from $26.89 to $21.19 per sf per year. The tenant's all-in occupancy cost averages $44.30 per sf per year over the term.
| Year | Net rate | TMI rate | Free months | Tenant cash out | Landlord net | PV of landlord net |
|---|---|---|---|---|---|---|
| 1 | $24.00/sf | $17.00/sf | 6 | $290,000 | $120,000 | $112,150 |
| 2 | $24.60/sf | $17.34/sf | — | $419,400 | $246,000 | $214,866 |
| 3 | $25.21/sf | $17.69/sf | — | $429,018 | $252,150 | $205,830 |
| 4 | $25.85/sf | $18.04/sf | — | $438,859 | $258,454 | $197,173 |
| 5 | $26.49/sf | $18.40/sf | — | $448,929 | $264,915 | $188,881 |
| 6 | $27.15/sf | $18.77/sf | — | $459,232 | $271,538 | $180,937 |
| 7 | $27.83/sf | $19.14/sf | — | $469,774 | $278,326 | $173,328 |
| 8 | $28.53/sf | $19.53/sf | — | $480,561 | $285,285 | $166,038 |
| 9 | $29.24/sf | $19.92/sf | — | $491,599 | $292,417 | $159,055 |
| 10 | $29.97/sf | $20.32/sf | — | $502,893 | $299,727 | $152,366 |
Printable comparison sheet
Lease comparison — Victoria office
Every input and every result, side by side. Prepared 2026-10-09.
| Line | Offer A |
|---|---|
| Rentable area (sf) | 10,000 |
| Term (years) | 10 |
| Face net rent, year 1 | $24.00/sf/yr |
| Escalation | 2.5% |
| TMI / CAM, year 1 | $17.00/sf/yr |
| Free rent | 6 months |
| TI allowance | $45.00/sf |
| Face average net rent | $26.89/sf/yr |
| Tenant occupancy cost | $44.30/sf/yr |
| Tenant total over term | $4,430,264 |
| Effective net rent (straight) | $21.19/sf/yr |
| Effective net rent (NPV) | $18.52/sf/yr |
| Landlord NPV of term | $1,300,623 |
| Winner | Cheapest for the tenant · Best for the landlord |
03Provenance
How these figures were produced
- Baseline seed — A documented starting estimate awaiting first observation. Treat as an order-of-magnitude figure only.
- Modelled — Derived arithmetically from observed inputs using the published method; not a market quote.
Sources
- [1] No promoted observation yet — The figures above are documented seeds and this page is excluded from the index until a sourced observation is published.
04What the recovery contains
Reading the additional rent in Victoria
Net rent plus a full recovery of realty taxes, maintenance and insurance, usually with a building-standard turnkey or a TI allowance.
In Victoria, the recoverable line for office space usually contains realty taxes, building insurance, common-area cleaning, HVAC maintenance, elevator service, security, and a management fee calculated on gross revenue. At roughly $17.00/sf per year it is 41% of the gross occupancy cost, which is why a rate negotiation that ignores it is only half a negotiation.
The clause worth arguing over here is the management fee percentage and whether capital replacements are amortised rather than expensed in the year incurred. Model it: run the recovery through the TMI calculator with and without the term you are asking for, and bring the dollar difference to the table rather than the principle.
Related: TMI recovery calculator · net vs gross leases
05Questions
Frequently asked
How much does a office commercial lease cost in Victoria?
Take the quoted net rent per square foot, add the recoverable operating costs (TMI), multiply by the rentable area, then adjust for free rent and allowances. The rates and the calculator on this page do that for Victoria.
What is included in TMI for office space in Victoria?
Typically realty taxes, building insurance, common-area cleaning, HVAC maintenance, elevator service, security, and a management fee calculated on gross revenue. Confirm the definition clause in your lease, because the list is contractual, not standard.
What should a tenant push back on in Victoria?
Usually the management fee percentage and whether capital replacements are amortised rather than expensed in the year incurred.
Is the quoted rate the total cost?
No. On a net lease the quoted rate is base rent only. Add the recoverable operating costs to get the gross occupancy cost, then subtract inducements to get what you actually pay.
06Carry the deal
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07Nearby coverage
Other use classes in Victoria
Not advice — Leaselor is a data publisher. We do not broker, arrange, or transact, and nothing here is an offer or professional advice. Figures are indicative benchmarks for comparison and must be confirmed with a licensed professional before you rely on them. About Leaselor