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Office construction has ramped up with three projects underway and at least three others on the drawing board. The office vacancy rate is experiencing fluctuations throughout 2007 as new product comes on-stream and, for this quarter, rose slightly due to one of the major oil companies downsizing by 18,000 square feet. The HRM office vacancy rate is 9.1%, up one full percentage point from first quarter. Industrial construction had been creating strong momentum at the end of 2006 and first quarter 2007, but has slowed considerably. One new building came on-stream second quarter and two others are in the planning stages for an early 2008 opening. The HRM industrial vacancy rate is 9.0%. Retail construction is bountiful with Dartmouth Crossing power centre continuing its progress, adding almost 200,000 square feet this quarter. Bedford Commons was in a lull second quarter; however, heavy equipment has returned to this power centre and more projects are expected to open by year end. Evergreen Plaza on Portland Street has added a multi-tenant development and two new strip plazas opened: one on Hammonds Plains Road and one on Sackville Drive. The current HRM retail vacancy rate is 7.5%. For a complete detailed account of the vibrant commercial real estate market in Halifax, please click the icon below for your own copy of the Halifax Market Report.
Contact Pam Macfarlane at 902-423-1825 for more information.
  Hfx2Q07.pdf
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