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The downtown office vacancy rate has tumbled
another percentage point to the lowest level recorded in over twenty years
of statistical analysis. At 3.9%, the market is firmly entrenched as landlord-controlled.
It is anticipated that the low vacancy rate and new urban planning
strategy put forward by the municipal government, HRM by Design, may spur
development in the central business district.
Suburban office growth is very strong
with an estimated 500,000 square feet of new office space coming to market
over the next eighteen months. Research in Motion is putting the
finishing touches on its 150,000 square foot office facility in West Bedford,
and pre-leasing has commenced on other projects destined for this sector.
New supply has been added to the industrial
inventory creating a temporary jump in the vacancy rate. A number
of new leases are signed for 2nd quarter, and the vacancy rate is expected
to fall back to more normal levels.
The retail sector has suffered some
setbacks with a number of Music World's and Roger Video's closing, however
construction continues at both Dartmouth Crossing and Bedford Commons,
bringing more national retailers to our marketplace.
For more information on the exciting
events happening in commercial real estate in Halifax, please click on
the icon below.
Contact Pam Macfarlane at 902-423-1825 for more information.
  Hfx1Q08.pdf
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