If you’re looking to rent office space in Atlantic Canada these days, you’ll have a lot of bargaining power.
The vacancy rate for office space in Saint John exceeds 20 per cent. Moncton increased from over 12 per cent to more than 13 and a half percent and Fredericton is over 12 per cent. The office vacancy rate in Halifax rose to almost 17 per cent and exceeded 17 per cent in St. John’s.
Andre Pouliot of Turner Drake and Partners says high office vacancy rates are indicative of economic activity which has lagged in the Atlantic region but he adds companies don’t need as much office space as they were using years ago.