Office vacancy rates climbed in two of New Brunswick’s three largest cities last year.
Turner Drake & Partners is out with the results of its latest rental market surveys.
In Saint John, office demand held steady year over year while supply edged up 1.4 per cent.
That pushed the city’s office vacancy rate up one percentage point to 19.5 per cent.
Meanwhile, average net rents contracted by 1.6 per cent, from $13.38 per square foot to $13.16.
Moncton saw a two per cent increase in demand, matching the increase in supply in the city and holding the vacancy rate at 16.6 per cent.
Average net rents in the Hub City increased 1.5 per cent, from $13.30 to $13.50 per square foot.
In Fredericton, demand fell more than supply as the vacancy rate jumped from 15.7 per cent to 18.4 per cent.
Net rents in the province’s capital edged up 1.4 per cent on average from $14.13 per square foot to $14.33.
