Looking for office space to rent in Halifax, Nova Scotia? There is a new office tower at Bayers Road, which opened with 230,000 square feet of Class A space added to inventory. Another 150,000 square foot office project is underway on Highfield Park Drive near Burnside. Positive absorption for the quarter topped 100,000 square feet, but this new inventory was only 10% occupied at year end, thereby pushing the overall office vacancy rate up 40 basis points to 9.4%.
Office Outlook
The real estate market cycle is on a downturn. There is cautious optimism
that the cycle will not fall as low as it did in the 1990s, but new entrants to the office market will be negligible in the short term and space available for sublet is expected to increase substantially. USA-based companies are expected to be the most budget conscious over the next year, with a few looking to release for sublet some or all of their premises.
For more details on vacancy and lease rates, see Economic Data section's - Commercial Real Estate.
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