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News & Research

Media Centre

Date Entered: 01/12/2023
Subject: Cautious Optimism on Offices, Red Hot Warehouses
Attachment: 120.pdf (Original file name: Dec 2022 Market Survey Press Release.pdf)

Demand for office space increased over the past year in three of the five Atlantic Canadian office markets surveyed, held steady in one, and declined in the other.  But the supply of office space also ticked up slightly in four of the five markets, with a net result of higher vacancy rates everywhere except Halifax.  As a result, office vacancy rates crept upward in four of the markets, and net rent increases were well below recent monthly rates of inflation.  Meanwhile, demand for warehouse space in Halifax outpaced supply, continuing the downward trajectory of the vacancy rate and resulting in an increase in the average net rental rate that outpaced annual (national) inflation.