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Renting: Downtown Office Space

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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:

Commercial Real Estate
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)

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