Industrial leasing activity in the Greater Halifax Area remained competitive throughout Q2 2021.
- Demand for industrial space continues to flourish, leading to another drop in vacancy rate from 5.0% to 3.1% this quarter.
- With the vacancy rate continuing to drop for the past four quarters, the average asking net rent has increased along the way. The $0.91 PSF QoQ increase to $9.32 PSF is a vital sign for the industrial market being competitive throughout 2021.
- Industrial leasing activity in the HRM area continued to be strong through the quarter. Many long-term deals have been completed in the region, specifically in both the Burnside and Bayers Lake submarkets.