FIGURES|HALIFAXOFFICE|Q42025CBRE

Vacancyreachesten-yearlowfollowinga

yearofsignificantleasingactivity

16K

80K

10.7%

SFNetAbsorption

SFUnderConstruction

VacancyRate

Note:Arrowsindicatechangefrompreviousquarter.

ExecutiveSummary

-FollowingaverystrongQ32025,Halifax’sofficemarketslowedtofinishtheyear,recording

16,379sq.ft.ofpositivenetabsorptionthroughoutQ42025.

-ClassAassetscontinuetostandapart,drivingleasingactivityinboththedowntownandsuburbanmarkets.

-NetaskingratesroseacrossthemarketthroughoutQ42025,climbing$0.09to$16.04persq.ft.

-Halifax’sofficemarketcontinuestotighten,followingabusyyearofleasingactivity,seeingvacancydecrease190bpsovertheyearto10.7%.

-ClassAassetshaverecognizedthegreatestreductioninvacancy,dropping350bpsontheyearto11.2%.

$16.04

PSFNetAskingRentalRate

FIGURE1:HalifaxOfficeDemand&Supply

NetAbsorption&NewSupply(000’sSF)Vacancy(%)

20020.0%

15015.0%

10010.0%

505.0%

00.0%

-50-5.0%

-100-10.0%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4

2022202320242025NetAbsorptionNewSupplyVacancy

Source:CBREResearch,Q42025.

1CBRERESEARCH?2026CBRELimited

FIGURES|HALIFAXOFFICE|Q42025

2CBRERESEARCH?2026CBRELimited

ClassAassetscontinuetostandapart,drivingleasingactivity

FollowingaverystrongQ32025,Halifax’sofficemarketslowedtofinishtheyear,recording

16,379sq.ft.ofpositivenetabsorptionthroughoutQ42025.Thismarksthe15thconsecutive

quarterofpositivenetabsorption,with793,347sq.ft.positivelyabsorbedsince2021,equatingto6.1%oftotalinventory.Thedowntownsubmarketoutpacedthesuburbsforthesecondtimethisyear,recording19,189sq.ft.ofpositivenetabsorptioncomparedtothesuburbs,2,801sq.ft.ofnegativenetabsorption.ClassAassetscontinuetostandapart,drivingleasingactivityin

boththedowntownandsuburbanmarkets,recordingpositivenetabsorptionof22,723sq.ft.onthequarterand155,478sq.ft.ontheyear.ThegapbetweenClassAandCassetsalso

continuestowiden,withClassCassetsrecordingnegativenetabsorptionacrossthemarketforfourconsecutivequarters,recording32,977sq.ft.ofnegativenetabsorptionontheyear.

Vacancytightensasthedisparitybetweenassetqualitiesbecomesmoreapparent

Halifax’sofficemarketcontinuestotighten,followingabusyyearofleasingactivity,seeing

vacancydecrease190bpsovertheyearto10.7%.Thedowntownsubmarketrecordeda160bpsreductioninvacancyovertheyearto14.5%whilethesuburbansubmarketnoteda210bps

decreaseinvacancyovertheyearto8.1%.Acrossthemarket,ClassAassetshaverecognizedthegreatestreductioninvacancy,dropping350bpsontheyearto11.2%,followedbyClassB,recordinga150bpsreductionontheyearto9.7%.Conversely,ClassCassetshaveseen

vacancyrise510bpsovertheyearto19.3%,furtherdemonstratingthegapthatpersists

betweenassetqualities.Theproportionofspaceforsubletgrewforthesecondtimethisyear,rising50bpsonthequarterasnewsubleaseoptionsinboththedowntownandsuburban

submarketsbecameavailable.

FIGURE2:QuarterlyNetAbsorptionbySubmarket(000’sSF)

140

100

80

60

40

20

0

-20

-40

-60

120

Q1

Q2Q3

2022

Q4

Q1

Q2Q3

2023

Q4

Q1

Q2Q3

2024

Q4

Q1

Q2Q3

2025

Q4

DowntownSuburban

Source:CBREResearch,Q42025.

FIGURE3:HalifaxVacancyRatebySubmarket(%)

25.0%

20.0%

15.0%

10.0%

5.0%

Q1

Q2Q3

2022

Q4

Q1

Q2Q3

2023

Q4

Q1

Q2Q3

2024

Q4

Q1

Q2Q3

2025

Q4

0.0%

DowntownSuburban

Source:CBREResearch,Q42025.

FIGURES|HALIFAXOFFICE|Q42025

3CBRERESEARCH?2026CBRELimited

Netaskingratesgrowacrossthemarket

NetaskingratesroseacrossthemarketthroughoutQ42025,climbing$0.09to$16.04persq.ft.Askingratesacrossallassetclassesmarkedincreasesthisquarter,withClassArates

climbing$0.08to$18.42persq.ft.,ClassBratesrisingto$14.98persq.ft.andClassCrates

askinganadditional$0.10,growingto$12.70persq.ft.Halifax’sdowntownsawnetaskingratesriseacrosstheentiresubmarket,climbingto$16.39persq.ft.acrossallassetclasses.Forthesecondtimethisyear,eachassetclassinthedowntownrecordedgrowthinnetaskingrates,astighteningavailabilitypushesnetrates.Thesuburbansubmarketheldrelativelysteady,endingthequarterat$15.60persq.ft.Converselytothedowntown,thesuburbansubmarketonly

recognizedrategrowthinClassAassets,whileClassBandCassetsremainedconstant.

FIGURE4:Year-over-YearNetAskingRentalRateGrowth(%)

4.0%

3.0%

2.0%

1.0%

-1.0%

C

464,605

17.5%

0$12.10

0.0%

Q1

Q2Q3

2022

Q4

Q1

Q2Q3

2023

Q4

Q1

Q2Q3

2024

Q4

Q1

Q2Q3

2025

Q4

Source:CBREResearch,Q42025.

$17.00

$16.00

$15.00

$14.00

$13.00

FIGURE5:AverageNetAskingRentalRatebyMarket(PSF)

Q1

Q2Q3

2022

Q4

Q1

Q2Q3

2023

Q4

Q1

Q2Q3

2024

Q4

Q1

Q2Q3

2025

Q4

DowntownSuburbanTotal

Source:CBREResearch,Q42025.

FIGURE6:OfficeMarketStatisticsSummary

Building

RentableArea

VacancyRate

NetAbsorption

Avg.AskingRent

SubmarketClass

(SF)

(%)

(SF)

(PSF)

DowntownA2,243,80912.8%8,871$19.32

15.3%

17,949

$14.72

B

2,757,839

-7,640

23.9%

$13.63

C

179,970

DowntownTotal5,181,61814.5%19,180$16.39

9.5%

13,852

$17.19

Suburban

A

2,184,414

6.6%

-16,653

$15.32

B

5,087,569

SuburbanTotal7,736,5888.1%-2,801$15.60

OverallTotal

12,918,206

10.7%

16,379

$16.04

Source:CBREResearch,Q42025.

FIGURES|HALIFAXOFFICE|Q42025

MarketAreaOverview

Definitions

NetAbsorption:ThechangeinOccupiedsq.ft.fromoneperiodtothenext.NetRentalRate:Rentexcludesoneormoreofthe”net”costs(realpropertytaxes,buildinginsurance,and

majormaintenance)typicallyincludedinaGrossLeaseRate.VacancyRate:TotalVacantsq.ft.dividedbythetotalBuildingArea.

SurveyCriteria

Includesofficebuildingsinthefivesubmarkets.Fourofthesubmarkets-HalifaxPeninsula/Mainland,Dartmouth,BedfordandSackvillecomprisethesuburbanofficemarketwith7.8

millionsq.ft.or59.5%ofinventory.CBREcollectsinformationthroughtelephoneconversationsandlistingsreceivedfrommembersofthecommercialrealestatebrokeragecommunity.

HalifaxOffice

5855SpringGardenRoadSuite3