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According to a recent article “Office, industrial vacancies decline across New Brunswick” published in the on-line Real Estate News Exchange.
“There were 43 office buildings with a combined gross leasable area of 2.51 million square feet surveyed in Greater Saint John.”
The overall office vacancy rate in our market decreased from 19.1% in 2018 to 14.07% last year. Despite this improvement, the vacancy rate is still considered higher than is desirable. A couple of explanations were given…
“The office market in Saint John is in some ways the victim of the city’s past economic success, which saw a number of urban shopping centres constructed in the 1960s and 1970s,” Baird Allen [manager of Turner Drake’s economic intelligence unit] explained. “When demand for retail space shifted away from these malls, they were converted to office space, so the city has a disproportionate amount of class-C office space for a city of its size.
“This oversupply is a contributing factor to the high vacancy rate. Other factors include the nature of the economy in Saint John, which has a strong industrial focus, as well as broader trends in how office space is utilized — going from individual offices to cubicles, and now to flex space and bullpen environments where employees work in communal spaces that require fewer square feet of office space per person.”
Read the entire article below which provides further insight in the Saint John office & warehouse leasing market as well as stats for Moncton and Fredericton.
New leasing availability at CenterBeam Place!
Old-World Character Combined with New-World Engineering. A much sought-after location for any company seeking an unparalleled work environment of beauty and efficiency.
5,658 sf or 6,633 sf options ready for tenant fit-up. These ‘brick & beam style’ office suites offer plenty of large windows and natural light, as well as private elevator access
VIEW/DOWNLOAD/PRINT Marketing Flyer HERE
58 King Street, Saint John, New Brunswick
Directly on the heals of Commercial Properties Limited announcing they were moving their offices from the 4th floor of 58 King to a much needed/expanded space at the Red Rose building, we are pleased to confirm that the space has been leased to Hatch. The space is 2,932 square feet (located above the radio station on King Street) and needed very little in the way of leasehold improvements to meet Hatch’s needs. The space has some exposed brick and an open ceiling offering a modern industrial feel while maintaining much of the heritage character of the building.
Hatch supplies engineering, project & construction, business consulting and operational services to the mining, metallurgical, energy and infrastructure industries. They are relocating their office from the Marr Road in Rothesay to the uptown core.
“We see Saint John as a growth market for us and this new location brings us closer to two of our major clients while also providing additional amenities for our staff such as nearby parks, coffee shops and eateries.” commented Lorne Flowers from Hatch.
Please join me in welcoming Hatch to Uptown Saint John.
Stephanie Turner represented the Landlord and Greg Brewster, Colliers represented the Tenant in the transaction.
75 Prince William Street, Saint John, New Brunswick
New office at 75 Prince William Street in the Bank of Canada Building
Canadian Nuclear Partners (CNP), a wholly-owned subsidiary of Ontario Power Generation, was established in 2012 and has grown into a well-respected service provider offering inspection, engineering, asset management, training and consulting services to clients in the power generating sector. With much success in Ontario, CNP has expanded their operations to Saint John, New Brunswick. The new office in Saint John is a welcome addition to the CNP network as it continues to create strong partnerships with various stakeholders in the region.
For CNP’s Vice President, Jason Van Wart, it is an exciting time as he was born and raised in Saint John and looks forward to contributing to the community that was so instrumental to his upbringing. “It is an exciting time for CNP. We are growing on a national and international level. Having an office in Saint John is a wonderful opportunity to give back to the very community that has been an important part of our business and build new opportunities for the future.”
CNP looks forward to delivering on its key values of safety, integrity and excellence to the energy community in New Brunswick.
Stephanie Turner represented both the Landlord and Tenant in this commercial leasing transaction
75 Prince William Street, Saint John, NB
When Introhive first arrived in Saint John they needed office space quickly which allowed for flexibility while they ramped up their presence in Saint John. Connexion Works provides an ideal short term solution. Once they got a better handle on their growth strategy for this market it became evident that they would need to find a larger and more permanent solution. A search of the local vacant office space uncovered a space that seemed ideal. The space was formerly occupied by DFS Architects and had been completely renovated only 4 years ago. It has a cool modern vibe and a great view of the harbour! Introhive only needed to make a few minor changes to the space to make it perfect for them.
Introhive is a relationship data science platform for #CRM that drives user adoption and proactively delivers valuable insights about clients and prospects. They now have 16 employees in Saint John. Jerry Carr, Introhive’s CTO commented “We are continuously recruiting and having an awesome office space is a key part of attracting top talent.”
Stephanie Turner represented Introhive as well as DFS Architects and the head-landlord Prince Williams Property ULC in this leasing transaction.
The Bank of Canada building is also FOR SALE. For more info on this investment opportunity CLICK HERE
58 King Street, Saint John, New Brunswick
The history of Saint John is deep and often fascinating. I recently listed office space for lease on the top floor of 58 King Street and came to discover that the building is referred to as the Skinner Building.
“The Skinner Building was built in 1877 for clothier William Doherty. Alfred Skinner was the proprietor of a carpet wareroom in the building from the early 1880’s until the Great Depression in 1929.
After the “great fire”, Skinner started out on his own accord at 68 King Street. His business became too large for the premises so he relocated to this building. It was stated in the 1880’s that in Saint John there was no name more familiar in the households than “Skinner’s warerooms”.
He had many contracts for supplying carpets to hotels and public buildings throughout the Maritimes. In the early 1900’s Skinner’s was proclaimed to have the largest retail stock of floor coverings in Canada. ” READ MORE Source: www.historicaplaces.ca
Need office space? JUST LISTED: Located on the fourth floor, this 2,932 sf suite features exposed brick walls and modern/industrial vibe. Its layout comprises a reception / waiting area off the elevator, one private office, a spacious glassed-in boardroom, kitchenette and plenty of open space for workstations. Rich with character, this space will not last long – don’t miss out!
1655 Manawagonish Road, Saint John, NB
Many passers-by believed this brick building was a church due to the signage out front which read “Convention of Atlantic Baptist Churches” but it was purpose built in 1981 as a two story office building. After several years on the market, the property was sold late last week. The property was sold to Unifor and new owners plan to continue to use it as an office building.
Stephanie Turner represented the Seller and Mike Hosford, Colliers Moncton, represented the Buyer.
77 Germain Street (a.k.a 40 King Street), Saint John
In December of 2017 Hub International were approached by a local business about selling their property on Duke Street Uptown. This created a great opportunity for them to upgrade their location and stay in the Uptown Saint John core. Hub International Atlantic is a division of Canada’s largest insurance broker, and specializes in Commercial Insurance, Group Benefits, and Personal Insurance. According to Neil Josselyn “Our Saint John location has 15+ employees, and we represent every major insurance company in Canada.” Josselyn further explained “Our team had outgrown our Duke Street location, however we wanted to stay Uptown, and toured a number of different options. We decided that the sub-let opportunity on the 5th floor at the corner of King and Germain was the perfect location for us to call our new home.” Locals will know this building as home to many of Saint John’s local economic development agencies including Enterprise Saint John and the Chamber of Commerce.
The top priority in a new space was to get all of their staff on one level, while working in an open concept office environment. This space on Germain Street offered this and more. The space has a modern kitchen, a recently redone office with up-to-date I.T. infrastructure. However it maintained exposed brick walls and the radiators from the building’s past. Josselyn went on to say “The location is incredible, offering views of both King Square and Saint John Harbour, all while being across the street from the City Market, and pedway system.”
Stephanie Turner was the listing agent and also acted as Hub International’s local Tenant Representative in negotiating the sub-lease.
1655 Manawagonish Road, Saint John, NB
The seller has just instructed me to slash the price of this building by $200,000.
WAS $899,000…. NOW $699,000!
I often gets calls from people asking how much the church is on Manawagonish Road. I can understand why people may be confused as the sign out front says “Convention of Baptist Churches” but this is actually a 15,000 square foot brick office building that was built in 1981, sits on 2 acres of land and enjoys beautiful views of the Fundy coast. For more information on this amazing opportunity including more photos CLICK HERE
P.S. Desks were custom ordered for the offices and are available as part of the sale (subject to negotiations)
12 Smythe Street, Saint John, NB “Red Rose”, Suite 126 LEASED
1,041 sq ft of office space available for lease in the beautiful Red Rose building. This unique space features exposed brick and stone. Currently laid out with reception, 2 offices, storage room and small lunchroom/server room.
This iconic building was constructed in 1903 for the Red Rose Tea Company. Full restoration and conversion into offices was completed in 2001. Located in Saint John’s Central Business District with monthly and hourly adjacent surface parking. For more info on building and other suites available CLICK HERE
Asking rent: $12.00/sq ft + $15.12/sq ft (CAM & Taxes)