Winnipeg Office Market Report Q3 2019

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As summer’s lease is set to expire, Winnipeg’s downtown office sector has made gains with positive absorption of 114,631 square feet, decreasing the downtown vacancy from 13.3% to 12.8%. Following an influx of supply in recent months, this marks the first decrease in the downtown vacancy rate since the third quarter of 2018. In contrast to downtown, the suburban market showed signs of slowing its recent hot streak, vacating approximately 52,655 square feet.

Analyzing the collective office market, net gains in occupancy were offset by the addition of 68,300 square feet, holding the overall vacancy rate at 11.7%. Focusing on the downtown market, Class AA buildings accounted for approximately 50% of the downtown absorption as Meyers Norris Penny and Ceridian prepare to move into 242 Hargrave Street. In the year since the introduction of True North Square, tenants longing for upgraded premises have finally been able to source new options. The Bank of Montreal announced its move from its owner- occupied historic asset at 335 Main Street into a lease at 201 Portage Avenue, while law firm, Taylor McCaffery LLP, opened the doors of its new offices on the 22nd floor of the same building.

As the vacancy in Class AA declines, the weighted average for downtown net asking rental rates has decreased by nearly a dollar to $17.73 per square foot. Similarly, the net rental asking rates in the suburban market also fell with Class B suburban buildings showing a decrease from $16.68 per square foot to $15.88 per square foot as higher-grade assets have leased and older Class B buildings are left with vacancy. With pockets of vacancy set to hit both downtown and suburban markets in the upcoming years, building positioning will remain the focus for landlords.


Office Market Report

Winnipeg Office Market Report Q3 2019

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Chris Cleverley

Independent Broker | Vice President

Winnipeg

As a Vice President of Colliers International in Winnipeg, Chris has been involved with all aspects of real estate management and brokerage.  Chris specializes in office leasing and sales.  Working closely with his Colliers colleagues, Chris represents various landlords and tenants to facilitate office transactions.

Chris has over 30 years experience in commercial real estate office brokerage and management services.  In the last 15 years, he has specialized in office leasing and sales.  Prior to this, Chris built and ran the Real Estate Management Services department for Colliers Winnipeg.

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Sean Kliewer

Vice President

Winnipeg

Sean entered the real estate brokerage industry in 2011 after completing a B.A. (Hons.) at the University of Toronto.  Since joining Colliers International, Sean has completed office transactions totaling over 1 million square feet.   He has also been a panelist at Winnipeg Real Estate Forum and a repeat columnist in BOMA’s annual building directory.

Building off his academic background and collegiate athletics, his hard work and dedication have driven Sean to be a successful leader in the commercial real estate industry.  Over the past several years, Sean has built a strong reputation for providing his clients with the highest level of service. Using his knowledge of the Winnipeg office market combined with creative, business-driven real estate strategies, Sean has been able to assist clients on a wide variety of real estate needs both locally and nationally. Sean prides himself on a professional approach, client satisfaction and developing long term relationships.

Sean is also committed to the enhancement of the local real estate market as a member of the WinnipegREALTORS® Commercial Division and has been active in the community as a volunteer coach in the Manitoba Major Junior Hockey League from 2012 to 2016.

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Jordan Bergmann

Sales Representative

Winnipeg

Jordan is a commercial real estate advisor with the Colliers International Winnipeg Office Practice Group, specializing in office leasing, representing both Tenants and Landlords. His commitment to his clients is to gain an understanding of their business, their challenges and their successes. He will use this along with his market knowledge to advise his clients on real estate solutions that in turn compliment their business.

In working alongside the accomplished brokers of the Office Practice Group at Colliers Winnipeg, Jordan is involved with a high volume of intricate lease transactions where he leverages the full Colliers platform and his experience in customer service to provide value. With the strong market position of the Office Practice Group, Jordan is ahead of market trends and transactions, and provides these key insights to his clients.

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