The Halifax office market softened slightly in late 2025 after a strong year, yet overall fundamentals stayed solid with vacancy finishing near a ten‑year low due to steady absorption and persistent demand for quality space. Net asking rents continued to rise amid tightening conditions and limited new supply.
Class A buildings led leasing activity in both Downtown and Suburban areas, achieving the largest vacancy declines and widening the performance gap between top‑tier assets and the rest of the market. Lower‑grade space saw mixed outcomes, with some improvement in mid‑tier buildings but increasing vacancy at the lower end. Submarket results varied, with certain suburban areas tightening as tenants sought well‑located, efficient, and competitively priced space.
With little new construction planned and more employers advancing return‑to‑office strategies, Halifax is well positioned to carry its momentum into 2026—especially for modern, highly amenitized properties.