Saint John Office Figures H1 2025

–       The overall market vacancy rate increased in the first half of 2025, rising 60 basis points (bps) to 23.1%. Class B space was the only asset class to record a reduction in vacancy, dropping 40 bps to 16.1%. Conversely, Class A assets saw a 250 bps increase in vacancy to 38.9%, while Class C remained constant at 9.5%.

–       Leasing activity was relatively slow in the first half of 2025, with the entire market recording 12,744 sq. ft. of negative net absorption. Class B space performed the best, reporting 4,566 sq. ft. of positive net absorption, while Class A recorded 17,310 sq. ft. of negative net absorption and Class C saw no activity.

–       Net asking rates increased by $0.35 to $13.99 per sq. ft. across the market. Class A space reported an $0.36 increase in net asking rates to $14.86 per sq. ft., while Class B space recorded a $0.27 increase, seeing net asking rates grow to $13.05 per sq. ft. Class C remained flat at $11.00 per sq. ft.