The first quarter of 2019 saw very few new transactions contributing to the rise in vacancy to 11.4% from 10.6% in the previous quarter. While Class A and Class B landlords have fought to secure new and existing tenants following an influx of supply, the first real shock to the Winnipeg office market has been felt early in 2019 as it experiences negative absorption of 107,261 square feet. Continuing a trend in the office market, large users are consolidating their footprint by becoming more efficient in their operations. Bell/MTS, Public Works and Government Services Canada and Skybridge Americas are examples of tenants who have recently undergone such endeavors.
Winnipeg Office Market Report Q1 2019