As Manitobans enjoyed a summer of warm weather, a sense of normalcy returned which contributed to an increase in tenant activity and a continued return to the office.
- Winnipeg’s office vacancy rate decreased from 13.3% in Q2 2021 to 13.0%, absorbing approximately 41,093 square feet.
- Downtown experienced a modest contraction, but the Suburban market contributed to most of the activity, absorbing about 48,808 square feet.
- The sublease market remains healthy, with options totaling approximately 100,000 square feet (or 0.5% of the entire office market).
- Rental rates continue to add complexity in the Suburban office market as the difference between the weighted average asking rental rates in Downtown remains marginal.