Uptown's leasing numbers have seen little growth in the last 12 months. Currently 83 to 85 per cent of retail space is leased out

Uptown's leasing numbers have seen little growth in the last 12 months. Currently 83 to 85 per cent of retail space is leased out

Retail leasing at Uptown gains little ground in 12 months

25% of Saanich centre’s office and retail space remains vacant

Despite high-profile new tenants like the Greater Victoria Public Library, plus another big retail opening to be announced in the spring, leasing numbers at Uptown have gained little ground in the past year.

Leasing numbers at the Saanich complex indicate that growth has been minimal since February 2013, especially on the retail front.

Currently Uptown sits at approximately 75 per cent capacity, with 83 to 85 per cent of retail space leased out and 53 to 55 per cent of office space occupied. These numbers are only up slightly from last year, when retail space was at 82 per cent and office space was at 40 per cent.

“That means about 120,000 square feet of space (left) to fill up in office. The good news is deals are offering and there seems to be improving demand from the medical and equipment side,” said Geoff Nagle, Morguard Investment’s director of development for Western Canada. “We’re doing more than our fair share of deals. We’re working our way through the existing office space.”

Unleased space doesn’t include the 38,000 square feet left vacant when Best Buy, atop the Blanshard Street level, closed its doors.

“There is still a lease in place (there),” Nagle said. “They are actively in discussions with tenants to fill that space. There’s appetite and discussions underway. We’re working with them to help secure replacement tenants.”

Nagle said an announcement for another 30,000 square feet of retail space on the upper level will be made in the coming months.

“The deal’s done, the tenant just has to fit out their space,” Nagle said.

He said Uptown’s leasing rates are competitive, and what they can offer to businesses – LEED gold buildings in a prime location – is desirable, but the demand just isn’t there.

Plans for a Phase 3 of Uptown development on the land adjacent to Ravine Way, originally planned as two residential towers, are still in the works.

reporter@saanichnews.com

Just Posted

By protesting uninvited in First Nations’ territories, conservationists are acting in a neocolonial or paternalistic manner, says Huu-ay-aht Chief Robert Dennis. Photo by Heather Thomson
A closer look: do Vancouver Island First Nations support the war in the woods?

First Nations/environmentalist old growth alliance uneasy, if it exists at all

The City of Victoria is once again offering $50,000 for selected neighbourhood enhancement projects, through its participatory budgeting program. (Courtesy City of Victoria)
Victoria neighbourhoods can earn city funding for projects

Up to $50,000 available for initiatives that enhance, enrich neighbourhoods

The Victoria Royals will return to the Save-on-Foods Memorial Arena for the first time since the 2019-20 campaign when they open next season against the Vancouver Giants on Oct. 2. (Black Press Media file photo)
Fans expected in the Save-On stands for Victoria Royals’ Oct. 2 home opener

It’ll be the first Western Hockey League action at the arena since March 2020

Police are looking for witnesses and video footage after a crash on June 18. (Photo courtesy of West Shore RCMP)
West Shore RCMP looking for videos related to Corvette crash

Driver believed to have fled the scene of View Royal crash

Environment Canada has issued a special weather statement for Greater Victoria with unusually high temperatures expected Monday and this coming weekend. (Black Press Media file photo)
Greater Victoria’s first week of summer will be a scorcher

Special weather statement issued Monday by Environment Canada

The border crossing into the United States is seen during the COVID-19 pandemic in Lacolle, Que. on February 12, 2021. THE CANADIAN PRESS/Paul Chiasson
VIDEO: Border quarantine to soon lift for fully vaccinated Canadians

Eligible travellers must still take multiple COVID-19 tests

Bernadette Jordan addresses the media following a swearing in ceremony at Rideau Hall in Ottawa on January 14, 2019. Jordan says the government will provide $2 million to allow First Nations to continue to strengthen the marine safety system across Canada. THE CANADIAN PRESS/Adrian Wyld
First Nations receive federal funds to purchase marine rescue boats

Quatsino, Heiltsuk, and Kitasoo First Nation’s among eight across Canada to receive funding

A blood drive in support of 1-year-old Rielynn Gormley of Agassiz is scheduled for Monday, June 28 at Tzeachten First Nation Community Hall in Chilliwack. Rielynn lives with type 3 von Willebrand disease, which makes it difficult for her to stop bleeding. (Screenshot/Canadian Blood Services)
Upcoming blood drive in honour of Fraser Valley toddler with rare blood condition

The Gormley family has organized a blood drive in Chilliwack on June 28

One Reconciliation Pole and two Welcome Figures were unveiled during a ceremony in honour of truth and reconciliation on National Peoples Indigenous Day at the Vancouver School District in Vancouver, B.C., on Friday, June 21, 2019. THE CANADIAN PRESS/Chad Hipolito
Horgan marks Indigenous Peoples Day by urging recognition of systemic racism

National Indigenous Peoples Day has been marked in Canada since 1996

A man makes his way past signage to a mass COVID-19 vaccination centre at the University of Toronto’s Mississauga campus during the COVID-19 pandemic in Mississauga, Ont., on Monday, May 17, 2021. THE CANADIAN PRESS/Nathan Denette
Canadians encouraged to see mRNA shots as interchangeable as more 2nd doses open up

Doctos urge people not to hesitate if offered Moderna after getting Pfizer for their first shot

Chief of Defence Staff Jonathan Vance sits in the front row during a news conference in Ottawa on June 26, 2020. THE CANADIAN PRESS/Adrian Wyld
Defence committee rises without report on Vance allegations

Committee had been investigating the government’s handling of complaints against former defence chief

The Coquihalla Lakes washroom is getting upgrades. (Submitted)
Coquihalla to get upgrades to aging washrooms

The Ministry of Transportation is providing $1 million in funding to upgrade 3 rest areas

The Crofton trailer park home where the bodies of two people were found. (Photo by Don Bodger)
Mom still waiting for answers after daughter and her fiance found dead in Crofton

Pair discovered dead in their Crofton home in May identified as Rachel Gardner and Paul Jenkins

By the end of life, the average North American has eaten the weight of a family sedan in sugar. (Pixabay.com)
FITNESS: Living the sweet life without too much sugar

Simple choices can have a major impact on your health

Most Read