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Winnipeg Office Market Report Q1 2023

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research article

Winnipeg’s overall office market has been relatively resilient through the course of the pandemic. With economic headwinds ever increasing, the challenges facing the office asset class have recently spread to the suburbs. Negative absorption in the suburbs grew significantly this quarter as several large occupiers increased their remote work position (ie. Bold Innovation in the market with 25,000 square feet of sublease space) or downsized their operations in conjunction with hybrid work models (ie: Dillon Consulting downsizing from 24,000 square feet to 18,000 square feet). Meanwhile, the Downtown office market experienced positive absorption with most of the leasing activity driven by Class B inventory.

  • As organizations continue to navigate their workplace strategies, with hybrid models at the forefront, it is becoming apparent that the evolution of office inventory will continue.
  • Plans for the old Hudson’s Bay site downtown, now known as Wehwehneh Bahgahkinahgohn, continue to advance, and with news that True North’s Real Estate arm could explore an acquisition of Portage Place, efforts to revitalize downtown are becoming more real than just conceptual. The absorption shifting back to downtown from the suburbs creates an added reason for cautious optimism. That said, turbulence is still expected to remain at the forefront as businesses navigate through challenges related to inflation, new workplace strategies, and the costs (both hard and soft) born as a result.


Winnipeg Office Market Report Q1 2023

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Pour plus d’informations, veuillez contacter:

Dan Chubey

Managing Director | Winnipeg Brokerage


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

Head of 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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