- The availability rate for Class A space at mid-year in the Central Business District is approximately 1.4% compared to the vacancy rate of 4.8%.
- Retail construction is proceeding full speed ahead with Kent and Sobeys opening in Russell Lake in mid-June.
| Class A
% | Class B
% | Class C
% |
| Downtown Halifax | 4.8 | 2.9 | 8.2 |
| Peripheral Halifax | 16.6 | 12.8 | 15.3 |
| Dartmouth | 6.5 | 17.9 | 5.9 |
| Bedford/Sackville | 8.6 | 12.7 | 23.1 |
Source: Colliers International (Atlantic) Inc. -
Halifax is in a buzz with the potential of a new downtown Convention Centre, developers have submitted their proposals for the site, including the Halifax Herald lands, and the Cogswell Interchange. Requirements include 150,000 square feet of useable space, built to LEED standards, and located in the Central Business District.
The combined submarkets of Halifax, Bayers Lake, Ragged Lake, Atlantic Acres, Sackville, and Bedford have an overall vacancy of 10.8% with no new industrial construction proposed at this time. Burnside has a total vacancy of 7.4%, which is down from 9.4% in December last year.
| Vacancy Rate % |
| Halifax | 7.3 |
| Bayers Lake | 20.9 |
| Ragged Lake | 0.0 |
| Atlantic Acres | 10.2 |
Sackville | 15.4 |
| Bedford | 5.5 |
| Burnside Industrial Park | 7.4 |
Source: Cushman & Wakefield LePage
Source: Cushman & Wakefield LePage - Commercial Real Estate - MarketBeat - 2nd Quarter 2008.
New construction projects valuing $475.0 million have been approved for HRM from January to August 2008. Construction continues to be a driver in the Halifax economy.
Greater Halifax Partnership investors working in Real Estate and Development can provide assistance in locating and developing commercial and industrial properties.
« Back