St. John's Office Figures Q4 2023

February 13, 2024 5 Minute Read

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    For a second consecutive quarter vacancy decreased falling 50 basis points (bps) to 20.5%. This marked the lowest vacancy on record since Q1 2020 as the market returned to pre-pandemic levels.

    Q4 2023 reported nearly neutral net absorption as resilient demand offset space brought to market, primarily in the form of sublease vacancies.

    Sublease vacancy is on the rise reaching 45,755 sq. ft. in Q4 2023 as tenants reevaluate their space needs, resulting in the downsizing of their footprints. Subleases provide an opportunity for tenants seeking higher quality space at more affordable costs in the face of economic headwinds.

    Rents remained virtually unchanged recording a minor decrease of $0.04 per sq. ft. quarter-over-quarter to $19.13 per sq. ft.