Winnipeg Office Market Report Q3 2019

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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 showed 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%. Focusing on the downtown market, Class AA buildings accounted for approximately 50% of the downtown absorption as Meyers Norris Penny and Ceridian prepare to move into 242 Hargrave Street. In the year since the introduction of True North Square, tenants longing for upgraded premises have finally been able to source new options. The Bank of Montreal announced its move from its owner- occupied historic asset at 335 Main Street into a lease at 201 Portage Avenue, while law firm, Taylor McCaffery LLP, opened the doors of its new offices on the 22nd floor of the same building.

As the vacancy in Class AA declines, the weighted average for downtown net asking rental rates has decreased by nearly a dollar to $17.73 per square foot. Similarly, the net rental asking rates in the suburban market also fell with Class B suburban buildings showing a decrease from $16.68 per square foot to $15.88 per square foot as higher-grade assets have leased and older Class B buildings are left with vacancy. With pockets of vacancy set to hit both downtown and suburban markets in the upcoming years, building positioning will remain the focus for landlords.


Winnipeg Office Market Report Q3 2019

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Pour plus d’informations, veuillez contacter:

Chris Cleverley

Independent Broker | Vice President

Winnipeg

As a Vice President of Colliers International in Winnipeg, Chris has been involved with all aspects of real estate management and brokerage.  Chris specializes in office leasing and sales.  Working closely with his Colliers colleagues, Chris represents various landlords and tenants to facilitate office transactions.

Chris has over 25 years experience in commercial real estate office brokerage and management services.  In the last 15 years, he has specialized in office leasing and sales.  Prior to this, Chris built and ran the Real Estate Management Services department for Colliers Winnipeg.

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Sean Kliewer

Vice President

Winnipeg

Sean joined Colliers in 2011 after completing a Bachelor of Arts Honours at the University of Toronto.  Sean's involvement with athletics at the collegiate level as well as experience gained through previous employment provide him with the necessary business skills to be successful in this industry. 

Since joining the Colliers team, Sean has worked closely with his colleagues in establishing a strong base of tenant and landlord representation in the Winnipeg Office Market.  Building on a hard work ethic and market awareness, Sean looks to create value in helping his clients facilitate office transactions.

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Jordan Bergmann

Sales Representative

Winnipeg

Jordan is a commercial real estate advisor with the Colliers International Winnipeg Office Team, specializing in office leasing, representing both Tenants and Landlords. His commitment to his clients is to gain an understanding of their business, then dive deeper to their catalyst that drives their challenges and successes. He will use this position along with his market knowledge to educate his clients on real estate solutions that in turn compliment their business.

In working alongside the accomplished brokers of the Office Group at Colliers Winnipeg, Jordan is involved with a high volume of intricate leasing transactions where he leverages the full Colliers platform and his experience in customer service to provide value. With the strong market position of the Office Group, Jordan can be ahead of market trends and transactions, while providing these insights to his clients.

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