St. John's Office Figures Q2 2025

–       Average net rental rates grew quarter-over-quarter, rising by $0.09 to $19.39 per sq. ft. on the quarter. The downtown submarket recorded a $0.19 rise to $21.54 per sq. ft. while the suburban submarket saw net asking rates slightly decrease, dropping $0.07 to $15.21 per sq. ft. to end the quarter.

–       The St. John’s office market saw a slower Q2, reporting 23,703 sq. ft. of negative net absorption. Both the downtown and suburban submarket saw negative leasing momentum throughout the quarter, recording 13,994 sq. ft. and 9,709 sq. ft. of negative net absorption, respectively.

–       Vacancy rose for the first time in five quarters, climbing 60 basis points (bps) to 20.0% quarter-over-quarter, yet remains lower than a year ago. The downtown submarket reported a 90 bps increase in vacancy over the quarter to 29.0%, reaching its highest mark in the past seven quarters. The suburban submarket recorded a slight increase in vacancy over the quarter, rising 50 bps to 12.9% to end Q2 2025. Year-over-year, the suburban submarket has reported a reduction in vacancy of 190 bps.