Avison Young in Halifax
Halifax, located in the picturesque province of Nova Scotia, serves as the business, banking, economic, educational and cultural centre for Canada’s Maritime region. As the provincial capital, Halifax also plays an important role in the Eastern Canadian and national economies.
Halifax’s major industries include shipbuilding, which stands to benefit our area for the next three decades, with a multi-billion-dollar federal contract to the region. Additional notable industries include defence and transportation. The seaport also serves as the country’s Atlantic Gateway, facilitating trade between Canada and Europe.
As a result of its relatively small size, Halifax has displayed strong real estate fundamentals and resistance to global economic impacts in recent years. The office, retail and industrial sectors all show signs of ongoing growth over the next few years.
Optimism remains high and the city is experiencing an explosion of high-quality office space in the downtown core. Efficient, modern developments are the hallmark of Halifax’s urbanization movement and record levels of immigration, as well as a strong manufacturing sector, create long-term confidence in the market.
The Halifax retail sector has enjoyed slow but steady growth in recent years, and new development and redevelopment of existing sites have eased supply constraints in the face of ongoing strong demand.
The demand is expected to continue to rise steadily as more young people choose to remain in Halifax and slow a trend of western migration that hindered the region’s economic growth in previous decades.
Halifax’s industrial market has been characterized by stability for some time now and all signs point to that trend continuing. Federal shipbuilding dollars have started to trickle out of the Irving Shipyard in the city’s north end and long-established industrial businesses are reaping the benefits.
The Halifax investment market is expected to gain considerably from growth in multiple industries. In recent years, investment activity has picked up, but supply constraints remained an ongoing concern as investors adopted a buy-and-hold strategy, especially with institutional-grade assets. The increased shipbuilding activity will help easy supply pressures while fostering continued strong demand.