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Research

Winnipeg Office Market Report Q2 2019

Winnipeg Office Market Report Q2 2019

Winnipeg Office Market Report Q2 2019

With new supply and consolidation expected to continue in both the downtown and suburban markets, landlords are focused on property positioning and leasing strategy to retain and attract attention in the market. Both new and refreshed supply have increased the average asking rates year over year, as tenants have shown they will pay more for the benefits of modern office space.

  • The spring of 2019 brought forth a new sense of optimism in the Winnipeg Office market with overall positive absorption of 21,853 square feet. Capitalizing on the hype and tenants' increased spatial demands, the positive absorption was accompanied by the introduction of 83,342 square feet of new supply, shared between 225 Carlton Street, 230 Main Street, and 865 Henderson Highway.
  • Despite market fundamentals remaining strong, the supply outpaced the absorption leading to a slightly increased vacancy rate.
  • While tenants and landlords continue to navigate the changing landscape downtown, Class AA was the leader in positive absorption comprised of leases by Ceridian, Meyers Norris Penny, and Scotia Bank.

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