Figures

Saint John Office Figures H1 2026

Market vacancy ticks downward as leasing activity sees mild activity

August 14, 2026 5 Minute Read

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  • The overall market vacancy rate decreased in the first half of 2026, dropping 170 basis points (bps) to 23.1%. Class A and B vacancy dropped 110 and 220 bps to 37.9% and 16.7%, respectively. Class C remained constant at 9.5%.
  • The market saw significant leasing activity from H2 2025 to H1 2026, with 34,791 sq. ft. of positive net absorption. Class B assets had the highest amount of leasing activity, recording 27,317 sq. ft. of positive net absorption.
  • Net asking rates decreased by $0.85 to $11.78 per sq. ft. across the market. Class A assets reported the sharpest decrease, with net asking rates dropping $2.53 to $11.89 per sq. ft. The decline was primarily attributable to a reduction in asking rents at Brunswick Square, reflecting a leasing strategy aimed at enhancing the property's competitiveness and attracting tenant interest.