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Comment:
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Additional office space on the market sent vacancy rates upward in each of Halifax, Moncton, Fredericton, Saint John, and St. John’s over the past year, but it could have been worse: demand also increased in four of the five cities. The upside is for prospective tenants – there’s plenty of space to choose from and average rental rates increased by percentages less than anticipated annual inflation. The Halifax warehouse market has the opposite problem: demand outpaced new supply, driving that market to effective full occupancy and sending average rents up by 7.6%, outpacing the anticipated annual change in the provincial consumer price index (CPI).
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