Demand in Moncton’s office rental market picked up over the past year.
That is according to a new report released by real estate consulting firm Turner Drake & Partners.
The office vacancy rate stood at 12.42 per cent in June, down 4.43 percentage points from a year earlier.
Moncton has the lowest office vacancy rate among New Brunswick’s largest cities, according to the report.
The overall vacancy rate came in at 15.07 per cent in Fredericton and 23.58 per cent in Saint John.
Moncton saw its average net rental rate for office space climb by 2.57 per cent to $13.97 per square foot.
Meanwhile, the city’s overall warehouse vacancy rate jumped to 9.42 per cent, up 1.68 percentage points from a year earlier.
The average net rental rate for warehouse space also increased to $8.04 per square foot.
