The vacancy rate for office space in Uptown Saint John is high and that means rents are low, lower than what it costs in Moncton and Fredericton.
Andre Pouliot of Turner Drake and Partners says the vacancy rates in the uptown are unsustainable over the long term.
Pouliot says if the vacancy rates remain this high, he could see building owners converting their space from offices to residential which is happening now in Halifax.
He adds if more young professionals then decide to move into the uptown, it could have a snowball effect with rental rates for the remaining office space rebounding.
