Moncton Office Figures Q4 2024

–       Total office vacancy increased 20 basis points (bps) quarter-over-quarter to 16.8%. The downtown submarket recorded no change quarter-over-quarter, remaining at 17.3%, while the suburban submarket increased 40 bps to 15.8% vacancy.

–       Leasing activity throughout the quarter was relatively muted, with the market recording 8,376 sq. ft. of negative net absorption. The downtown submarket saw 700 sq. ft. of negative net absorption, while the suburban submarket saw negative net absorption of 7,676 sq. ft.

–       Net asking rates recorded a quarter-over-quarter reduction, decreasing $0.03 to $14.13 per sq. ft. across the market.

–       The percentage of vacant space for sublet increased 70 bps quarter-over-quarter to 3.6% across the market. The suburban submarket saw vacant space for sublet decrease 10 bps quarter-over-quarter to 0.7%, while the downtown submarket increased 100 bps to 4.9%.