First quarter market statistics providing key market indicators for the Halifax industrial real estate market.
- The Halifax industrial market experienced a decline in vacancy, dropping to 11.9% in the first quarter of 2018 from 13.6% overall last quarter.
- Vacancy is expected to increase as new construction comes online before the end of 2018 but will quickly stabilize as quality warehouse space is in high demand.
- Development continues in the Burnside Business Park with several developers beginning or continuing construction of over 300,000 square feet of flex industrial space that is expected to reach completion between Q4 2018 and Q2 2019.
