The second quarter of the year began with Manitoba in its most strict lockdown orders of the last 18 months. However, as the weather warmed and vaccine rollouts increased, the province shifted into a staged re-opening plan.
- Despite recent health orders from the provincial government allowing companies to call employees back to the office overall vacancy still increased by 40 basis points to 13.3%.
- The Suburban market experienced an overall negative absorption of 32,000 SF with significant consolidation occurring in the Class B market.
- As interest rates remain at historic lows, several office occupants made a shift in their real estate planning from leasing to owning.
- The similarities in asking rates, along with market inducement packages offered by downtown Landlords, are compelling for tenants to conduct a full market analysis versus solely sourcing one area of the city.