• In Q4 2019, the St. John’s office market experienced a relatively quiet quarter, recording 11,559 sq. ft. of negative net absorption.

• Overall office vacancy increased by 30 basis points (bps) to 17.2% across the entire market.

• The vacancy rate within the CBD increased by 70 bps to 21.6%, while the suburban market’s vacancy rate remained steady at 13.2%.

• Overall average net rents fell $0.12 per sq. ft. quarter-over-quarter to $17.81 per sq. ft., while average taxes and operating costs saw a decrease of $0.28 per sq. ft. in Q4 2019.