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Comment:
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The office vacancy rate in St. John’s dropped slightly year over year, and now sits at 17.64% overall, down from 19.93% a year ago. The St. John’s market is broken down into 5 submarkets: three of them, including the St. John’s Central Business District (CBD), enjoyed falling vacancy between June 2018 and June 2019, whilst the other two saw increases. This marks the first year of vacancy decline after three straight years of increases in the city, which had a balanced market as recently as 2015, indicated by a vacancy rate of 4.76% at that time.
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