Updated August 1999
Halifax Office Vacancy & Net Rental Rates
A sense of optimism has prevailed in Halifax's office market over
recent years has been clouded by news of Canada Life's acquisition
of Crown Life. The company has significant office space in Halifax's
central business district, and is a major factor in the Class A
office market. Over the past 12 months, overall vacancy rates hovered under 11%.
While this is a little higher than the national average but a
remarkable improvement over Halifax's 20% vacancy rate recorded back in 1995.
Here is the current range of rental rates:
|Office Lease Rate:||$5 to 10 per sq.ft. net|
|Industrial Lease Rate:||$1.75 to 4.25 per sq.ft. net|
|Serviced Industrial Land||$50,000 to $95,000 per acre|
|Unserviced Industrial Land:||$20,000 to $25,000 per acre|
|New Construction Cost:||$25 to 35 per sq.ft. (net of land)|