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Comment:
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Demand for office space in New Brunswick’s three cities remained fairly stable, with both Fredericton and Moncton seeing a decrease in their overall vacancy rates. The Capital City’s office vacancy rate finished June 2024 at 15.07%; this was a decrease of 1.83 pp from 2023’s figure of 16.90%. Moncton finished June 2024 at an overall rate of 12.42%; this was 4.43 pp lower than June 2023’s rate of 16.85%. Saint John had the highest office vacancy rate amongst the three cities, clocking in at 23.58%; this was 0.94 pp higher than June 2023’s rate of 22.64%.
Demand for warehouse space continues to be strong across the three cities. Fredericton had the lowest rate of the three, finishing June 2024 at 0.43%, which is effectively full occupancy. Saint John had a rate of 1.40%. Moncton’s warehouse vacancy rate increased 1.68 pp to 9.42% in June 2024, although this was driven by additions to its overall rental pool, and not a lack of demand for industrial floor space in the Hub City.
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