Halifax office vacancy is trending downward after difficult times, say area brokers.
The region’s office vacancy declined 40 basis points to 13.4% in the second quarter, said Cushman & Wakefield in its quarterly report. In the central business district, vacancy fell 90 basis points to 6.8% from 7.7%. Submarket vacancy rose by a modest 20 bps to 8.1%.
Most second-quarter absorption occurred in class B downtown properties due to higher occupancy class A properties.
The Halifax market has experienced generally positive movement this year, said Avison Young in a report. Although the downtown vacancy rate experienced a rise, it is “bouncing back to normal.”
Suburban markets are beginning to see steadily declining vacancy levels. Although there is a lack of newer development in the suburbs, demand there has increased.
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.