St. John's Office Figures Q1 2025

–       Average net rental rates dipped to start the year, decreasing by $0.13 to $19.30 per sq. ft. on the quarter. Both the downtown and suburban submarkets followed suit, seeing asking rates decrease $0.14 and $0.17 quarter-over-quarter to $21.35 and $15.28 per sq. ft. respectively.

–       The St. John’s office market started 2025 strong with 28,674 sq. ft. of positive net absorption across the market. The suburban submarket led in leasing activity throughout the quarter, with 35,190 sq. ft. of positive net absorption reported. Conversely, the downtown submarket reported negative net absorption of 6,516 sq. ft.

–       Vacancy continues to trend downward across the market, dropping 80 basis points (bps) quarter-over-quarter and 140 bps year-over-year to 19.4%. The downtown submarket reported a 30 bps increase in vacancy over the quarter to 28.1%, yet is still down 30 bps year-over-year. The suburban submarket recorded the larger reduction in vacancy over the quarter, decreasing 180 bps to 12.4% to end Q1 2025. Year-over-year, the suburban submarket has reported a reduction in vacancy of 230 bps.