Economic and Development Activity Report
Halton Region Economic Development publishes a quarterly newsletter that reports on Halton’s economic performance with respect to development, labour force, and real estate markets. Sign-up here to receive the quarterly report delivered to your inbox.
Highlights from the 2018 Q3 Economic and Development Report:
Construction activity slows during the third quarter of 2018
Emerging from record-breaking levels of development initiated across Halton during 2017, total building permit construction value declined by 26% year-over-year in Q3 – suggesting a return to normal growth trends. Despite a significant decline in total construction value, commercial construction permits remained strong with a few substantial building projects. A major commercial development initiated during the quarter was a $4.7 million investment in building alterations at Alphor Research Inc. at 2884 Portland Drive in Oakville. In addition, Oakville Trafalgar Memorial Hospital added a $4 million parking garage.
Halton’s industrial and office real estate markets continue to be high in demand
Halton’s industrial availability rate dropped a further 1.8 percentage points year-over-year to 4.2% during the third quarter of 2018. This is an indicator of strong demand in the industrial market – despite large inventory, absorption rates are high and availability rates are low. The vacancy rate in the office market edged up 0.8 percentage points and absorption increased by a modest 22,051 sq. ft. – signifying stability in the commercial market. Industrial average net asking rents increased by $0.43 year-over-year to $6.70 per sf. in the third quarter.
We’re here to help. Contact us for assistance in expanding your business in Halton Region, or for additional information on the Halton economy. For more detailed statistics, visit our Invest Halton Data Insights webpage.