The Halifax industrial market experienced an increase in vacancy, rising to 11.9% in the fourth quarter of 2018 from 9.3% overall last quarter. Net absorption was negative in Q4 but ended the year at 231,284 square feet of positive overall absorption. This market has seen a lot of movement this year as several tenants have relocated and while their previous spaces have been leased, these premises will remain vacant until Q2 2019. The vacancy rate is expected to
decline early in 2019 as the market organically absorbs the current vacant space.
There is ample land available for sale in the Burnside Business Park and “Phase 13” of the Burnside expansion is slated to commence construction in 2019. This project is expected to add 425 acres of land for future development. Coupled with the continued development in the Dartmouth Crossing Area, the broadening park continues to indicate that the growth this area has been experiencing is not likely to slow down any time soon.
Development in the Burnside Business Park remains active with construction of over 80,000 square feet of flex industrial space continuing on Trider Crescent that is expected to be complete in Q2 2019 and several other developments in the planning stages and are targeting construction commencement over the course of 2019.