Winnipeg’s office market showed resiliency in Q4 and in 2023 overall, despite economic headwinds. With over 50,000 square feet of positive absorption experienced in Q4, this marks the second straight quarter with market gains.
- While the return to office has been gradual, a primary point of discussion amongst companies remains in how to improve the overall employee experience and bolster in-office attendance. While parking and public transit remain highly valued, creating a customized experience that can’t be easily replicated at home may provide advantages when considering the “modern workplace”.
- Additional factors that tenants have indicated as “highly valued” include meeting rooms, outdoor spaces, ESG-certified buildings, and available food services. When considering ways to attract new interest or retain existing tenancies, landlords and employers can look to improvements in these areas to promote a sense of confidence and longevity in choosing that location.
- On the development front, the Wawanesa Insurance building at 372-380 Graham Avenue is nearing completion and is expected for occupancy in Q2 2024. Once completed, this development will further enhance the downtown skyline as the 3rd completed tower of True North Square.