Despite COVID restrictions ending, in-person office occupancy continues to lag behind pre-pandemic levels. While a variety of back-to-work strategies have been implemented, we commonly see a hybrid work structure with unique elements including days in the office or location flexibility, all of which vary by each company.
- The vacancy rate for the Winnipeg office market dropped slightly by about 10 basis points to 13.6% compared to the previous quarter’s vacancy of 13.7%.
- Weighted average asking net rent increased to $16.21 compared to the previous quarter at $16.10.
- The suburban office market performed well with the vacancy rate going down to 8.7%, however, this should be partially tempered as the drop in suburban office vacancy was in part due to the reclassification of some office inventory. However, it is worth noting that the bulk of the positive absorption for the quarter came from the suburban Winnipeg office market, irrespective of the reclassifications.
