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Winnipeg Office Market Report Q3 2022

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research article

Office market activity in Winnipeg continues to return to pre-pandemic levels with increased deal velocity as more tenants are conducting tours with a focus on workplace strategy and office design suitable for their evolving business needs.  Third quarter overall office vacancy declined 80 basis points from 13.4% in the previous quarter to 12.6% in Q3 2022. The majority of this decrease in vacancy can be attributed to the sale and planned conversion of 325 Broadway.

  • The weighted average asking net rent increased in both office market segments quarter-over-quarter, reaching an overall average of $16.47 per square foot. This represents a 10.5% growth rate increase year-over-year. 
  • A trend to continue monitoring is older product sales and conversions that have been occurring such as 185 Carlton Street and 325 Broadway. They will continue to bolster the Downtown market in reducing availability and we may see further conversions in the future depending on leasing velocity and overall market dynamics.

Winnipeg Office Market Report Q3 2022

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Pour plus d’informations, veuillez contacter:

Dan Chubey

Managing Director | Winnipeg Brokerage

Winnipeg

Dan Chubey is the Managing Director, Winnipeg brokerage responsible for leading the sales advisor team as well as oversees operations, recruitment and strategic business development. Dan played an active role integrating the Colliers Winnipeg office with Colliers International and his focus is on leveraging our strong systems and technology to build for future growth.

Dan joined Colliers International in September 2018 after a 15 year career with global brewing leader ABI where his previous roles saw him as a Director with leadership responsiblity for the commercial business units of British Columbia, Ontario, and Manitoba. Recognized on numerous occassions as a top performer, his focus was on the development of high performing teams that grew market share while also prioritizing key financial metrics including top line and EBITDA growth.

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Adam Jacobs

Senior National Director, Research | Canada

Toronto Downtown

Colliers Canada's head of research, leading a cross-country team of 20 mapping, analytics and research professionals. Formerly head of Canada research at Cushman Wakefield and Director of Analytics at Oxford Properties. Featured in mainstream publications such as the Toronto Star, industry publications and podcasts. Specializing in the big picture and the fundamentals driving real estate - demographics, the macro environment and the global economy. 

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