Saint John Office Figures H2 2024

–       The overall market vacancy rate decreased in the second half of 2024, dropping 70 basis points (bps) to 22.5%. Class A space was the only asset class to record a reduction in vacancy, dropping 220 bps to 36.4%. Conversely, Class B assets saw a 10 bps increase in vacancy to 16.5% while Class C remained constant at 9.5%.

–       Leasing activity started to pick up in the back half of 2024, with the entire market recording 14,793 sq. ft. of positive net absorption. Class A space performed the best, reporting 15,008 sq. ft. of positive net absorption, while Class B recorded 215 sq. ft. of negative net absorption and Class C saw no activity.

–       Net asking rates increased by $0.19 to $13.64 per sq. ft. across the market. Class A space reported an $0.18 increase in net asking rates to $14.50 per sq. ft., while Class B space saw the largest increase, seeing net asking rates grow $0.28 to $12.78 per sq. ft. Class C remained flat at $11.00 per sq. ft.