The Halifax office market posted a positive performance in the first quarter of 2025, with 56,000 square feet of net absorption and no new supply delivered during the period.

The city’s overall office vacancy rate declined to 12.1%, with the suburban submarket leading the charge at 9.4% — a notable drop supported by demand for class B space and cost-conscious tenant behaviour, CBRE reported. Downtown vacancy was at 16.1%.

Direct vacant space totalled 1.5 million sf, while sublet space stood at just 52,000 sf, representing a mere 3.4% of all vacant inventory — the lowest proportion among major Canadian markets.

There is currently 30,000 sf of office space under construction in the suburban area.

CBRE’s data reflects a strong start to the year for Halifax’s office sector, highlighting a resilient leasing environment despite broader national headwinds.

The Halifax findings were part of the company’s first quarter Canadian office report.

Marc Meehan, CBRE’s director of Canadian research, and Christina Cattana, the firm’s Canadian research manager, co-authored the report.

Pictured: Toronto office towers and other buildings.

Photo: CBRE

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