Moncton Office Figures Q4 2023

February 26, 2024 5 Minute Read

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    For a third consecutive quarter Moncton recorded increasing vacancy up 130 basis points (bps) quarter-over-quarter to 15.5%. The downtown market was the primary driver of this increase, recording a negative net absorption of 75,428 sq. ft.

    The suburban market fared much better than downtown over 2023 with vacancy decreasing each quarter ending the year at 16.0%, the lowest rate on record.

    As tenants continued to right size, an increase in sublease vacancy was observed. Sublease opportunities made up 5.8% of all vacant space in Q4 2023. All sublease vacancies came from the downtown market, stemming from Class A and B assets.

    Net rental rates moved in unison between downtown and the suburbs, leading to an increase of the market average of $0.25 per sq. ft. quarter-over-quarter to $13.93 per sq. ft.