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Date Entered: 02/22/2018
Subject: Tenants Reap Reward of Rising Vacancy
Attachment: 101.pdf (Original file name: 2017 Dec St. John's Office Press Release.pdf)
Comment:

In a city particularly prone to economic booms and busts, the St. John’s rental office market is feeling the pain of sky-rocketing vacancy rates. Overall office vacancy now sits at 15.57%, up from 12.98% a year ago. The downtown submarket saw overall vacancy jump from 16.95% to 21.81% and the average net rent per square foot fall 6.86% from $21.86 to $20.36. Tenants should watch the market carefully for opportunities to lock in leases at bargain rates as vacancy remains high.