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The downtown Class A vacancy rate has fallen to a low not seen since mid-year 2001. A law firm consolidation and new ventures arriving from Bermuda drove the Class A vacancy rate to 4.4%. The overall HRM office vacancy rate is 8.1%. New office construction is gaining strength in the suburbs; however, no new office construction in planned for downtown in the next 18 months. A number of older properties in the downtown are under-going major renovations . Industrial construction is still strong with 126,000 square feet of new construction coming on-stream first quarter. Since not all of the new space was occupied, the industrial vacancy rate took a temporary jump to 8.8%, but is expected to quickly settle back to its normal low of approximately 7%. More construction is underway and will come to market by the end of 2007. Design-built construction is still popular with a number of specialized tenants requiring stand-alone buildings with design-specific needs. The retail sector is very strong with seven stores opening at Dartmouth Crossing and two at Bedford Commons. These massive retail projects will dominate the market for the foreseeable future with development planned well into 2008. For a copy of this informative report on commercial real estate in the Halifax Regional Municipality, please click the icon below. Better yet, to not miss a single report, get added to our virtual mailing list by emailing pam.macfarlane@colliers.com.
Contact Pam Macfarlane at 902-423-1825 for more information.
  Hfx1Q07.pdf
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