Rising Taxes meet Market Meltdown
Turner Drake & Partners: 2017
“Today, as office vacancy rises and market values fall in Halifax’s Central Business District, HRM (Halifax Regional Municipality) continues to gouge landlords and tenants.
Realty taxes per square foot continue to rise, forcing landlords already fighting to retain tenants, to absorb more of the municipality’s overhead.
Office vacancy will soar to a record 21% later this year; a sad tribute to two decades of neglect and mismanagement by HRM since it was created by the amalgamation of four municipal bodies in 1996.
Virtually every heritage office building outside the designated Barrington Street Heritage District will be swept away within the next decade, unable to survive this perfect storm of high taxes and vacancy.
Municipal greed and incompetence have accomplished in two decades, what three centuries of war failed to achieve.
Generations, as yet unborn, will question how we could have been so stupid…to squander an asset that other cities on this continent rush to preserve, because they can never be re-created.
Halifax, funky old town, survived many world wars, but its enemy was within.”