Office vacancy up in St. John's, rates remain the same

Office vacancy rates in St. John's are creeping up as oil prices are taking a nose drive, says real estate consultants Turner Drake & Partners Ltd.
According to a new survey from Turner Drake & Partners Ltd., there were more office spaces available for rent in 2015 over 2014. (CBC)

Office vacancy rates in St. John's are creeping up as oil prices take a nose drive, says real estate consultants Turner Drake & Partners Ltd.

The company, which operates in Nova Scotia, New Brunswick and Prince Edward Island, surveyed office space in the greater St. John's area.

A news release Monday said the total vacancy rate for office spaces increased from 4.80 per cent in 2014, to 7.70 in 2015.

While more spaces were available, the survey, which included vacancy data for 178 office and warehouse buildings, showed rental rates remained the same.

However, the consultant company said rates are "destined to drop should the oil industry continue in its current direction."

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