The Halifax office market experienced an overall increase in vacancy of 50 bps, ending the quarter at 15.1%. This increase is largely due to an influx of vacant sublet space into the market, with many tenants continuing to work from home.
- Downtown CBD experienced a significant influx of space for sublet in Q4, totalling around 70,000 SF.
- Suburban markets continue to outperform the CBD due to lower asking rental rates, parking accessibility, and better opportunity to maintain physical distancing.
- Experts are confident leasing activity will begin to pick up through early 2021 as COVID-19 restrictions lift and vaccinations become readily accessible to the general public.