• In Q1 2020, the St. John’s office market recorded 30,435 sq. ft. of negative net absorption.

• Overall office vacancy increased by 90 basis points (bps) to 18.1% across the entire market.

• The vacancy rate within the CBD shifted upwards to 23.5% from 21.6% in Q1 2020. The suburban market’s vacancy rate remained steady at 13.2%.

• Overall, average net rents rose $0.01 per sq. ft. quarter-over-quarter to $17.82 per sq. ft., while average taxes and operating costs saw an increase of $0.10 per sq. ft. to $11.26 per sq. ft. in Q1 2020.