Halifax Office Figures Q1 2026

‒    Following a very strong 2025, Halifax’s office market is off to a strong start this year, with over 65,000 sq. ft. in positive absorption.

‒    The suburban market made a sharp rebound from Q4 2025, with net absorption climbing from negative 3,000 sq. ft to positive 64,000 sq. ft.

‒    Net asking rates rose across the market throughout Q1 2026, climbing to $17.43 per sq. ft across all asset classes in the office sector.

‒    Halifax’s office market continues to tighten following a busy year of leasing activity, seeing vacancy decrease 170 basis points (bps) to 9.0% quarter-over-quarter.

‒    Class C assets have recognized the greatest reduction in vacancy, dropping from 19.3% to 9.8% in Q1 2026. This is largely due to a few residential conversions that were removed from inventory, as well as continued leasing activity.