Winnipeg Office Figures Q1 2022

29 Apr 2022

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  • Winnipeg’s office market remains stable with no signs pointing to either breakout or breakdown. The easing of COVID-19 restrictions has resulted in some positive leasing activity.
  • The trend of flight-to-quality has been accelerated by the rise of hybrid work models and new workplace strategies. These strategies are designed to engage and attract employees to return to the office and change the role of the office.
  • Market fundamentals in the suburban office market have shown signs of improvement, with the vacancy rate down 90 basis points (bps) at 10.4%, and average net rents have increased, approaching pre-pandemic rates.