Fredericton Office Figures Q1 2025

–       Net asking rates decreased across the market this quarter, dropping $0.16 to $15.30 per sq. ft. The downtown submarket witnessed net asking rates decline throughout the quarter, decreasing $0.05 to $15.71 per sq. ft., while the suburban submarket followed a similar trend, recording a $0.22 reduction to $14.84 per sq. ft.

–       Fredericton continues to see positive leasing momentum, recording 19,544 sq. ft. of positive net absorption across the market. The downtown submarket led the way in leasing activity over the quarter, reporting 24,820 sq. ft. of positive net absorption while the suburban submarket saw 5,276 sq. ft. of negative net absorption.

–       The overall vacancy rate decreased 80 basis points (bps) quarter-over-quarter to 15.7% across the market. The downtown submarket saw vacancy decrease 200 bps to 14.4% while conversely, the suburban submarket reported a 50 bps rise in vacancy to 17.2%.