Demand in Saint John’s office rental market was relatively flat over the past year.
That is according to a new report released by real estate consulting firm Turner Drake & Partners.
The office vacancy rate stood at 23.58 per cent in June, up nearly a full percentage point from a year earlier.
Saint John continues to have the highest office vacancy rate among New Brunswick’s largest cities.
The overall vacancy rate came in at 12.42 per cent in Moncton and 15.07 per cent in Fredericton.
Saint John had the lowest overall net rent of the three major cities at $12.96 per square foot.
Meanwhile, the city’s warehouse market remained tight with a vacancy rate of 1.4 per cent, down from 5.55 per cent in 2023.
The average net rental rate for warehouse space increased 0.59 per cent to $8.57 per square foot.
