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Unlocking Insights: Turner Drake & Partners’ Perspective on 2024 Trends in Commercial Real Estate in Atlantic Canada

As a leading real estate consultancy firm with a deep-rooted commitment to providing comprehensive market insights, Turner Drake & Partners (TDP) invests a significant amount of time and resources collecting market data for office and warehouse space in the Atlantic Provinces. Most notable are our bi-annual market surveys which give clear insight into the ever-fluctuating landscape of commercial real estate in our little corner of the world. While our Economic Intelligence Unit is gearing up for a new round of market survey data collection (keep your eyes open for new data coming soon!), we’re going to take a quick glance back at recent market reports, the last of which was released earlier this year. From a commercial brokerage perspective, we want to take a look at the trends shaping the region’s commercial real estate landscape in 2024 and beyond.

Office Market Dynamics:

In Atlantic Canada’s urban centers, particularly Halifax, we continue to observe a dynamic office market characterized by steady demand and evolving tenant preferences. Our survey highlights the resilience of Class A office space, with sustained demand from a diverse mix of tenants spanning tech companies, professional services firms, and government agencies. Despite economic headwinds, vacancy rates in prime office locations have remained relatively stable, underscoring the region’s attractiveness as a business destination.

However, remote work trends and flexible office arrangements are reshaping the office market landscape. Landlords are increasingly focused on enhancing space utilization and amenities to meet the evolving needs of tenants seeking flexibility and collaboration. As trusted advisors to property owners and investors, TDP emphasizes the importance of adapting to these changing dynamics to maintain competitiveness and drive long-term value. A project that’s been of notable interest is the conversion of a Downtown Halifax 1970’s office tower into residential units; an undertaking which highlights one practical yet creative solution to tackling the housing crisis in Nova Scotia.

Warehouse and Industrial Sector Insights:

The warehouse and industrial sector in Atlantic Canada is experiencing significant transformation driven by a variety of factors, including the rise of e-commerce and logistics. Over the past several years our surveys have revealed growing demand for industrial and warehouse space for a variety of uses, including distribution and fulfillment centers. While office vacancy saw a sharp increase over the pandemic, the industrial sector maintained relatively stable tenancy rates, and some areas saw a significant increase in the demand for this type of space. Continued tightening vacancy rates and rising rental rates underscore the sector’s resilience and potential for investment. TDP’s market expertise enables us to identify prime opportunities for investors seeking exposure to the industrial sector’s growth trajectory in these urban centres.

Emerging Submarkets and Investment Opportunities:

As the commercial real estate landscape evolves, TDP is keenly focused on uncovering emerging submarkets and investment opportunities within Atlantic Canada. Secondary markets such as Dartmouth and Dieppe are gaining traction among investors seeking value and growth potential. Our analysis highlights the unique attributes of these submarkets, including affordability, accessibility, and development opportunities. By leveraging our market intelligence, investors can capitalize on these emerging trends and unlock further untapped potential.

Navigating Challenges and Seizing Opportunities:

While the commercial real estate market in Atlantic Canada presents promising opportunities, it is not without its challenges. Rising construction costs, regulatory hurdles, and economic uncertainty require careful navigation and strategic planning. As trusted advisors, TDP provides clients with actionable insights and customized solutions to navigate these challenges and capitalize on opportunities. Our holistic approach combines data-driven analysis, market expertise, and strategic guidance to drive success in an ever-changing landscape.

In our day-to-day work, we gather and interpret incredible amounts of information, and above all, one thing is clear: the commercial real estate landscape in Atlantic Canada is ripe with opportunities for those equipped with the right knowledge and expertise. By leveraging TDP’s perspective and market intelligence, stakeholders can navigate the currents of change, unlock value, and drive success in 2024 and beyond. If you are looking to begin your investment journey in Nova Scotia, expand your portfolio, or simply would like more information on our perspective of today’s market, reach out to our Brokerage Team today and we’d be happy to use our knowledge to help steer you in the right direction.

As a Realtor and Commercial Real Estate Consultant in our Brokerage Division, Emily McClelland assists both landlords and tenants meet their space requirements, and vendors and purchasers optimise their property portfolios. For more real estate brokerage advice, you can reach her at or (902) 429-1811.

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