Halifax Office Figures Q1 2025

–       The Halifax office market continues to display confidence as vacancy trends down, dropping 190 basis points (bps) year-over-year to 12.1%.

–       Large format contiguous space is becoming scarcer as tenants appetite to occupy space grows.

–       Suburban space led both submarkets in leasing activity over the quarter, recording 54,707 sq. ft. of positive net absorption.

–       The flight-to-quality persists, as tenants are showing a desire to be in highly ammenitized buildings that augment their occupied space.

–       Net asking rates decreased $0.06 quarter-over-quarter to $16.00 per sq. ft. across the market.