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 shows 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%.
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