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November 28, 2022COMMERCIAL RENT PRICE INDEX, SEPTEMBER 2022 Statistics Canada has published a price index for commercial rents for properties such as offices, retail buildings, industrial buildings and warehouses. This measures monthly changes in the net effective rent for the occupied commercial building space. Although the data series is monthly, it is only published at the end of each quarter.
From September 2021 to September 2022, the commercial rent price index for Nova Scotia increased by 17.9% - this was the largest increase among provinces. Nationally commercial rents were up 3.5%. All provinces reported higher commercial rents, with the slowest rise in New Brunswick.
On a year-to-date basis, comparing the average commercial rent price index from January-September 2022 with values from the same months of 2021, Nova Scotia's commercial rents were up 11.5% - also the fastest growth among provinces. The national increase in commercial rents was 3.8% with the slowest rise in Prince Edward Island.
Nova Scotia's commercial rent price index has been more volatile than indices for other provinces, with large downward movements at the beginning of the pandemic as well as in the first half of 2021. Since the middle of 2021, Nova Scotia's commercial rents have been rising rapidly.
Source: Statistics Canada. Table 18-10-0255-01 Commercial rents services price index, monthly
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