According to a study & report issues this week by Turner Drake & Partners Ltd (no relation), Saint John’s office market is overwhelmed by office supply. The Port City has the highest overall vacancy and lowest overall net rental rate in Atlantic Canada for the fifth year in a row.
Although this is bad news for Landlords… tenant are well positioned. How does this affect what I do? The decision-making process is taking a little longer. Tenants are slower to make decisions. That’s making building owners anxious. There’s a lot of competition for office occupiers. Landlords are absolutely being more flexible/creative with options to compete and are asking themselves “How badly do I want this deal?”
According to the press release the Saint John’s office market will continues to weaken and the vacancy rate is likely to continue to climb in the year ahead.
To read the entire Press Release issued by Turner Drake click HERE