• In Q2 2020, the St. John’s office market recorded 56,003 sq. ft. of negative net absorption.

• Overall office vacancy increased from 18.1% to 21.8% across the entire market.

• The vacancy rate within the CBD shifted upwards to 30.2% from 23.5% in Q2 2020. The suburban market’s vacancy rate rose by 120 basis points (bps) to 14.4%.

• Overall, average net rents remained flat quarter-over-quarter at $17.82 per sq. ft., while average taxes and operating costs saw a drop of $0.02 per sq. ft. to $11.24 per sq. ft. in Q2 2020.