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Media Centre

Date Entered: 01/25/2019
Subject: St. Johnís CBD Office Vacancy Over 25%
Attachment: 106.pdf (Original file name: 2018 Dec St John's Press Release.pdf)

The office vacancy rate in St. John’s rose again year over year, and now sits at 17.21% overall, up from 15.96% a year ago.  This marks the fifth straight year of vacancy increases for the city, which had a balanced market as recently as 2014, indicated by a vacancy rate of 4.97%.  2019 is the first year of the province’s three year assessment cycle and diligent owners of property in the City of St. John’s still have the opportunity to seek reductions in their assessed property values, reflective of the weakened economic conditions since the last assessment date, provided they act quickly: the appeal period deadline is January 31st at midnight.