Military investment continues to drive Halifax commercial real estate activity, with two major defence-related acquisitions announced in March totalling $142.5 million, according to Halifax-based Craig Snow and Brigitte Teleu of REMAX Nova, who provided insight for the REMAX Fall 2026 Canadian Commercial Real Estate Report. The first, valued at $82.5 million, involved Halifax Gate, a 476-acre waterfront industrial property adjacent to the Shearwater military lands, while the second included the $60-million purchase of a 140-unit apartment complex for Canadian Armed Forces members.
This strong regional activity reflects the broader themes identified in the national report, which highlights how local economic drivers—such as defence spending, technology infrastructure, and major logistics investments—are increasingly shaping commercial opportunities across the country. As institutional and private buyers nationwide navigate high construction costs and strict lending criteria by concentrating capital in established, income-producing assets, Halifax exemplifies how specialized local economic strengths continue to underpin long-term market confidence.
Halifax Commercial Real Estate Market Overview
Burnside Logistics Hub Expansion and Bayers Lake Demand Tighten Industrial Market
Momentum has spilled into the broader industrial market, with sales and leasing activity gaining traction. All of the more than 400,000 sq. ft. plus of Bayers Lake Industrial Centre is now fully leased following a surge in activity over approximately six months. While Altus Group, Altus Data Studio reported industrial availability at 11.3 per cent in the second quarter of 2026, major investment continues to reinforce confidence in the sector. Amazon is developing an approximately 1.2-million sq. ft., $200-million operations facility on roughly 82 acres in Burnside Industrial Park, further strengthening Halifax’s position as a logistics hub for Atlantic Canada.
Halifax Office Availability Lowest in Canada at Eight Per Cent
Office leasing continues to demonstrate strength, particularly given conditions in other major Canadian centres. Altus Group, Altus Data Studio reported Halifax had the lowest office availability rate in Canada at eight per cent in the second quarter, up slightly from 7.2 per cent in the first quarter. Tenants continue to adjust their footprints, while demand remains strongest for well-located, higher-quality space.
Necessity-Based Retail and Food Services Lead Halifax Retail Growth
Retail activity remains healthy, driven largely by necessity-based businesses, including grocery stores, restaurants, and neighbourhood retailers. Smaller businesses offering health and wellness services, trendy shops and cafes, as well as fast food franchises, including Craig’s Cookies and Firehouse Subs, continue to open throughout the city, supported by relatively low vacancy rates and ongoing consumer demand.
Apartment Construction Wave Brings Multi-Family Rental Market Toward Balance
Multi-family continues to attract investor interest based on current market fundamentals, although the exceptional tightness of the pandemic years has eased as new supply comes on stream. Canada Mortgage and Housing Corporation (CMHC) recorded 7,000 housing starts in 2025, including almost 5,700 apartment starts, while almost 12,400 apartment units were under construction. Vacancy has increased to 2.7 per cent, indicative of a market beginning to find greater balance after several years of rapid expansion.
Institutional Interest Positions Halifax Commercial Market for Long-Term Growth
Strong underlying demand continues to define Halifax’s commercial real estate market in Halifax in 2026. Defence investment is an important driver, but logistics, infrastructure, housing and everyday consumer needs are also reinforcing activity. Rather than losing momentum, recent investment activity suggests Halifax may be transitioning into a new phase of market development, distinguished by larger-scale investment, deeper institutional interest and a more robust commercial real estate market, although the sustainability of current trends remains to be seen.
*Source: Altus Group, Altus Data Studio
Frequently Asked Questions
Halifax’s commercial market is showing strong performance across multiple sectors, led by industrial and office properties. Industrial space is seeing rapid absorption—highlighted by Bayers Lake Industrial Centre becoming fully leased—while office availability in Halifax sits at eight per cent, representing the lowest office availability rate in Canada.
Military and defence investments are major drivers of local activity, with defence-related acquisitions totaling $142.5 million in early 2026. Key transactions include the $82.5-million acquisition of Halifax Gate (a 476-acre waterfront industrial site adjacent to Shearwater military lands) and $60 million for a 140-unit military housing complex.
Amazon is constructing an approximately 1.2-million-sq.-ft., $200-million operations facility on roughly 82 acres in Burnside Industrial Park, significantly reinforcing Halifax’s role as the primary logistics hub for Atlantic Canada.
Multi-family rental vacancy has increased to 2.7 per cent as substantial new construction comes on stream, moving the market toward greater balance. CMHC reported 7,000 housing starts in 2025 (including nearly 5,700 apartment starts), with almost 12,400 apartment units under construction.
Retail activity remains healthy and is anchored by necessity-based businesses, including grocery stores, neighbourhood plazas, and food services. Health and wellness providers, independent cafes, and fast-food franchises continue to expand throughout the city supported by low vacancy.
Halifax is transitioning into a mature market development phase characterized by larger-scale investments, institutional capital, and strong underlying demand across defence, logistics, infrastructure, and housing.
About the Report
The REMAX Canada Fall 2026 Commercial Real Estate Report includes data and insights supplied by REMAX brokerages and analyzed by Point Blank Communications. REMAX brokers and agents are surveyed on market activity and local developments. Each REMAX office is independently owned and operated. Responses are meant to capture industry-level information and are not meant to serve as an indication of Real REMAX Group's company-specific growth trends.
About the REMAX Network
As one of the leading global real estate franchisors, REMAX, LLC is a subsidiary of Real REMAX Group (NASDAQ: REAX) with more than 145,000 agents in nearly 8,500 offices and a presence in more than 120 countries and territories. REMAX Canada refers to REMAX Canada, Inc., which is a subsidiary of REMAX, LLC. Nobody in the world sells more real estate than REMAX, as measured by residential transaction sides. REMAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. REMAX agents have lived, worked and served in their local communities for decades, raising millions of dollars every year for Children's Miracle Network® and other charities. To learn more about REMAX, to search home listings or find an agent in your community, please visit remax.ca. For the latest news from REMAX Canada, please visit blog.remax.ca.
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