This was a strong quarter for the Halifax office market with all four submarkets reporting positive net absorption and steady rents across the board. An emphasis on quality space is becoming more prominent, especially in the CBD. Queens marque, the new mixed-use development under construction in the downtown core and the newly built Westway buildings in the Bedford/Sackville submarket are prime examples of this trend.
- The decrease in vacancy in the Halifax CBD can be attributed to an increasing demand for quality ‘A’ class space. Positive net absorption reached 79,635 square feet for Q2 in the downtown ‘A’ class category alone.
- The Suburban Halifax submarket continues to be the most sought-after region for office space with the vacancy rate remaining steady, dropping 40 basis points quarter-over-quarter to 9.0%.
- Dartmouth and Bedford/ Sackville experienced decreases in vacancy quarter-over-quarter of 70 basis points to 15.4% and 120 basis points to 12.0%, respectively.
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