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Converted Malls & Bullpen Environments: Effects on Office Leasing

bull pen exampleAccording 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.

Office, industrial vacancies decline across New Brunswick

CenterBeam Place NEW availability!

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

Welcome Hatch to Uptown Saint John

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.

$200k Price Reduction!

SOLD 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!

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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)

T4G is Moving Uptown (more pics)

384 Lancaster Avenue, Saint John, NB

T4G has announced that they are moving their Saint John operation to an uptown location. As such, they have put their building, located at 384 Lancaster Avenue, on the market. The decision to move uptown is motivated by their desire to be a bigger part of the knowledge and tech industry in Saint John. This is just one more nod to the increasing vibrancy that uptown Saint John has been experiencing recently and helps foster the Brick Park “knowledge park” movement which is aimed to grow the cluster of knowledge industry companies working in close proximity uptown.

T4G is still considering options for their new location.

For more information on 384 Lancaster Avenue opportunity click HERE

Note: Some photos of the interior of 384 Lancaster Ave can be seen below.

JUST LISTED: 1,041 s.f. in Red Rose

12 Smythe Street, Saint John, NB “Red Rose”, Suite 126

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)

GALLERY

 

 

 

 

AirVM leverages rapid growth, Series A funding to expand in Saint John

AVM-logo-RGB

Due to rapid growth in 2015, AirVM’s Saint John operation has outgrown their original office space. “It took us months to find the right space with the feel that we were looking for and the potential to meet our future growth needs.” Says local Manager Jamie Pitt. “Centerbeam Place met all of our requirements and then some”. AirVM gets that an attractive & well designed work environment is key to employee morale as well as an important recruitment and retention tool. “We took the entire staff over to see the new space.” said Pitt “They loved (more…)

Dealermine announces another strategic move

dealermine exterior 1In the wake of the recent announcement that Dealermine is moving their head office from the KV to uptown, they are now ready to announce that, in the spring of 2016, they will be relocating their business development centre from 370 Rothesay Ave to Place 400 and tripling the size of their space. “Our location in the former Ponderosa building on Rothesay Ave has served us well for the last 8 years but (more…)

Office suites in the sweet spot!

44 Chipman Hill, Saint John, New Brunswick

3 nicely finished offices just came on the market in Brunswick House. Not only are they perfectly located at the centre of the internal pedway system, they are the perfect size (range from 1900 sq ft – 3,500 sq ft) for small to medium size businesses that are ready to take it up a notch!

Brunswick House features a modern white granite and stainless steel interior design and offers waterfront views from some suites. When considering new office space you want to make sure you’re comfortable that the building you’re moving to is going to be an asset to your company and that prospective employees will see it as an attractive place to work. Brunswick House has it in spades. For more info on how tenants decide which buildings to take space in click HERE

For more info on Brunswick House and the office suites available click HERE

High vacancy rates in SJ means tenants are well positioned.

tip-the-scale-600x320According to a (July 2015) 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.