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Winnipeg Office Market Report Q2 2023

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research article

The Winnipeg office market vacancy rate slightly increased by 20bps from the 1st Quarter to 14.1% in Q2. A key driver of the negative absorption came from the Downtown Class A segment which can be attributed to a single tenant, Wawanesa, who vacated their 200 Graham office space. As the new Wawanesa 334,725-square-foot office building nears completion, the relocation and consolidation of space will result in a significant shift in the office market supply as more inventory will come on the market, pushing the vacancy rate upwards. With that said, Winnipeg’s office vacancy rate is relatively lower in comparison to Montreal, Regina, Calgary, and Edmonton and hovers around the national average. With increased supply on the horizon, sublet vacancy remains relatively low, reinforcing at this time that tenants are still committed to their leases.

  • As the flight to quality continues, we have seen some landlords adjusting to the current market circumstances by revitalizing and reinvesting back into their office buildings through renovation. Joining this trend is the revitalized lobby at 240 Graham. As office market dynamics are shifting, a diverse roster of amenities has become an essential component when attraction and retention strategies.
  • Despite having beautiful heritage buildings, the Winnipeg office market remains highly underdeveloped with functionally obsolete assets and a lack of more contemporary options, as the market fundamentals don’t justify the cost to repair the former. Furthermore, having Downtown office conversions and demolition incentive program like other cities such as Calgary would be beneficial to the Downtown core. Such programs support both the demolition of end-of-life office buildings that are unsuitable for office conversions, as well as office space conversions to residential units, hotels, schools, and/or performing arts centers.


Winnipeg Office Market Report Q2 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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