Halifax Industrial Figures Q1 2024

April 2, 2024 5 Minute Read

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    Halifax saw a record amount of new supply this quarter, delivering 395,046 sq. ft. to the market with the completion of five projects in the Burnside and Bayers Lake Industrial Parks.

    Pre-leasing activity was slower than anticipated for many large projects; largely attributed to forecasted weaker economic conditions to start the year. However, leasing momentum is anticipated to pick up as an economic rebound is expected for the second half of 2024.

    New supply should help alleviate some of the pent-up demand in the long-term; however, the influx of new product has put upward pressure on the availability rate as it increased to its highest level since Q3 2020.

    The construction pipeline remains resilient with 684,315 sq. ft. of new supply still under construction with future growth anticipated as Burnside Industrial Park continues to roll out its Phase 13 and 14 sites.

    Net rents continue to increase, largely driven by new supply hitting the market, commanding higher rents than existing inventory.