Although post-COVID work-from-home has sharply reduced the occupancy levels of downtown Victoria offices, the city centre could see not one but three new office projects over the near term, which collectively will deliver just under 350,000 square feet of Class A office space.

 

Capital VI, or Capital Six, is an approved development from Jawl Properties for a 10-storey, 152,000 square foot office tower on Blanshard Street at Yates Street. The anchor tenant of an existing structure on the property, known as the Capital Six cinema, “still has some term left on their operating lease,” according to developer Robert Jawl, as of August. This places Capital VI’s occupancy window in the second half of the decade, market conditions notwithstanding.

 

Capital VI follows in the footsteps of significant earlier investments by Jawl Properties into Victoria's office market with 101,000 square feet at 1515 Douglas Street (built in 2018), 178,000 square feet at 750 Pandora Avenue (built in 2018), and 235,000 square feet at James Bay's Capital Park (two buildings completed in 2017 and 2019).

 

However, what could be on the horizon ahead of Capital VI is Chard Development’s recently approved Douglas and Caledonia project, that features a 41,000 square office component as part of a three-tower mixed-use community on the city centre’s north end. Chard secured approvals for its concept earlier this year, and construction on three residential towers with offices, retail spaces and a grocery store is expected to begin by late 2024. C