Spring Garden News

JANUARY 2016 - Halifax Hot on Calgary's Heels

HALIFAX, NS (January 13, 2016) – Office vacancy in Halifax’s Central Business District now rivals
Calgary… that is the stunning conclusion reached by Turner Drake & Partners Ltd. as part of their Atlantic
Canada December 2015 surveys. Overall office vacancy now hovers at around 16%, while Class A is a
staggering 26%... and a third of Class C is now vacant!
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Halifax Downtown Office Market Far From Dead

By Stephanie MacDonald, Regional Manager of Marketing & Research, Cushman and Wakefield Atlantic
After recent commentary that Halifax's CBD (Central Business District) office market is on the decline, it is important to understand that the increase in the overall vacancy rate alone doesn't tell the whole story. Data points, when taken out of contest, can paint a negative picture of our office market in the short term. Changing trends in the demand for office space are undoubtedly affecting the overall vacancy rates in the Halifax office market, but ultimately an unprecedented amount of new construction both in office & mixed use asset classes are creating significant shits in the office vacancy rates.
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