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Winnipeg Office Market Report Q4 2022

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research article

The Winnipeg office market’s overall vacancy rate sits at a year-end value of 13.2%, the exact same level it was one year ago. Winnipeg has shown resiliency to this point, as the vacancy rates have decreased each of the last three quarters. Furthermore, the conversions of various properties had an impact on the stability of the vacancies as it reduced the market inventory by 0.7%. On the other hand, the Suburban office market had the largest year-over-year rental growth of 17.7% and contributed the majority of the positive absorption.

  • Absorption was positive across both the Downtown and Suburban markets in Q4 combining for a total of 13,042 square feet. However, a contraction in the downtown Class B office market attributed to 317 Donald Street, 15,462 square feet recently becoming vacant. 
  • Throughout the back half of 2022, despite the market signaling a shift towards stability, an increasing number of large office buildings have been listed for sale with close to 400,000 square feet of deals transacting in Q3 alone. In Q4, the most notable example of a large office offered to the market was 363 Broadway, for nearly 191,000 square feet. It is important to note that this is occurring during a time when the interest rate environment is volatile and uncertain
 

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Winnipeg Office Market Report Q4 2022

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Dan Chubey

Managing Director | Winnipeg Brokerage

Winnipeg

Dan Chubey is the Managing Director, Winnipeg brokerage responsible for leading the sales advisor team as well as oversees operations, recruitment and strategic business development. Dan played an active role integrating the Colliers Winnipeg office with Colliers International and his focus is on leveraging our strong systems and technology to build for future growth.

Dan joined Colliers International in September 2018 after a 15 year career with global brewing leader ABI where his previous roles saw him as a Director with leadership responsiblity for the commercial business units of British Columbia, Ontario, and Manitoba. His focus was on the development of high performing, engaged teams that grew market share while also prioritizing key financial metrics including top line and EBITDA growth.

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Adam Jacobs

Senior National Director, Research | Canada

Toronto Downtown

Colliers Canada's head of research, leading a cross-country team of 20 mapping, analytics and research professionals. Formerly head of Canada research at Cushman Wakefield and Director of Analytics at Oxford Properties. Featured in mainstream publications such as the Toronto Star, industry publications and podcasts. Specializing in the big picture and the fundamentals driving real estate - demographics, the macro environment and the global economy. 

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