Article
Secret’s Out! New Brunswick’s Population Is Booming
June 4, 2025 4 Minute Read
New Brunswick is known as the Picture Province, with its breathtaking scenery and untouched wildlife. But in recent years it’s been drawing more than just outdoor enthusiasts.
Like much of Atlantic Canada, New Brunswick has experienced a remarkable population surge since 2020, drawing new residents with affordable housing and good quality of life. Fredericton and Moncton are among Canada’s fastest-growing cities, growing by 4.3% and 5.1% respectively between 2023 and 2024 and driving demand for commercial real estate.
“New Brunswick was a well-kept secret until the pandemic,” says CBRE’s Sandra Paquet, who leads the company’s brokerage business in Moncton with Anh Nguyen. “People and businesses are finally discovering this hidden gem.”
Mike Joyce and newly licensed sales representative Joanne Berkshire oversee CBRE’s brokerage presence in Fredericton. The team works across all property types provincially and in conjunction with other CBRE teams across the country. “Some years we’ll do more office, other years more industrial, but there’s always someone we can assist,” says Paquet.
Small Spaces, Big Impact
New Brunswick's retail sector in particular is thriving. Paquet recently helped a local landlord subdivide large spaces in Dieppe that had been on the market for years. She leased the newly divided units to Canadian retailers Popavape and Shop Santé with only one unit still available for lease. “Retailers are looking to optimize their spaces,” she says. “Landlords that can accommodate smaller footprints tend to have more success in our market.”
Several new developments will meet the growing demand for retail and services. In Greater Moncton there’s a growing retail development north of the city, along with retail expansions along Dieppe Boulevard. The downtown core has seen new mixed-use projects like the Junction Urban Village, Three Sisters and West Gate as part of a push for densification, with new retail spaces added on the ground floors.
North of Fredericton, Joyce recently leased three of 10 multi-tenant units at Cliffe Crossing, a new 30,000 sq. ft. neighbourhood shopping centre project. “There’s strong interest in the site and we expect demand to grow as nearby residential developments expand,” he says.
Office Momentum
Unlike most of the rest of Canada, New Brunswick’s office market has had healthy momentum post-pandemic. Last year Joyce partnered with NIT Atlantic Canada on three office sales in downtown Fredericton. The CBRE team sold Regency Park, a mixed-use development, as well as the 70,000 sq. ft. Barker House and the 33,000 sq. ft Phoenix Square.
Downtown Fredericton is also benefitting from an influx of investment in new projects. A $111 million performing arts centre will open in 2026, as will the city’s new $120 million courthouse. The previous justice building is undergoing a $62 million renovation to host the University of New Brunswick’s Faculty of Law by 2028.
“Fredericton is a small city that offers access to major universities and an international airport,” adds Berkshire. “It provides connectivity with ministers and the business community, which is attractive to local and national tenants.”
Greater Moncton’s office market has remained healthy despite rising vacancy rates as tenants reconsider their office needs and consolidate space. “We’ve seen occupiers relocating to higher quality space near services and amenities or buildings with access to parking and greenspaces,” says Paquet.
Industrial Is Hot
New Brunswick’s industrial market is tight, with spaces leasing almost as soon as they become available. Joyce recently facilitated a sublease within three days of the space hitting the market. “New industrial supply is needed because we have low inventory and high demand,” he says.
Greater Moncton’s industrial market has been booming. Developers have an opportunity to build modern industrial spaces with the new addition of the Moncton East Business Park and the Harrisville Logistics Park, but high construction costs are hindering progress. With tariff-related uncertainty prompting further caution and delaying decisions, it could be a while before industrial developers are ready to build on spec again.
“Until we get new inventory, we will keep experiencing challenges in sourcing suitable options, forcing occupiers to consider optimizing their existing spaces and reevaluating their requirements,” says Paquet. “We’re here to advise during these uncertain times so clients can make strategic decisions.
“New Brunswick has plenty more to offer than just a pretty picture!”
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