The Halifax industrial market continues to have a shortage of new supply relative to Canada’s other major markets. In particular, larger size requirements within Burnside have proven to be a challenge to source recently. As more companies choose to expand east, rental rates are expected to rise in the coming years.
The overall industrial vacancy rate declined by 150 basis points quarter-over-quarter to 10.1%. Burnside Business Park was the largest contributor of this decline recording an impressive 105,788 square feet of positive net absorption for Q2 2019.
- KingSett Capital Inc. acquired assets totaling 2.7 million square feet from Dream industrial REIT. The portfolio is set to change hands in Q3.
- 82,000 SF of new supply is expected to come online in Q3. The building is 80% pre-leased as of this quarter.
( PDF Document 1.3 MB )