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Maritimes  + Industrial  | 
The Halifax industrial market posted record new supply in the first quarter of 2024, says CBRE.

Halifax Industrial Market Posts Record New Supply

The Halifax industrial market posted record new supply in the first quarter of 2024, says CBRE.

A total of 395,046 square feet of industrial space was delivered to the market as five construction projects in the Burnside and Bayers Lake industrial parks were completed. Two of the projects were 100% preleased while the other three, built on a speculative basis, had 28% worth of tenant commitments.

The new supply should help alleviate some of the pent-up demand in the long-term, said the commercial real estate services firm in its Halifax industrial quarterly report.

However, the influx of new product has put upward pressure on the availability rate, which rose to its highest level, 5.3%, since the third quarter of 2020.

Preleasing was slower than anticipated for large projects, mainly due to forecasted weaker economic conditions. But leasing momentum is expected to accelerate in the second half as the economy rebounds.

Rents continue to increase as the new supply hits the market and commands higher lease rates.

The construction pipeline remains resilient with 684,315 of projects being built. Future growth is anticipated as the Burnside Industrial Park continues to roll out its 13th and 14th phases.

Pictured: Bayers Business Park, Halifax

Image: CBRE


Inside The Story

CBREBayers Lake Business Park

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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