Winnipeg Office Figures Q1 2024

April 3, 2024 5 Minute Read

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    The Wawanesa Tower was completed, bringing 380,000 sq. ft. of Class A office space to the market. Despite this influx of new supply the overall market vacancy rate dropped to 16.2%, a 10 basis point (bps) decrease quarter-over-quarter.

    The addition of this 100% pre-leased Class A office space to the market caused Class A vacancy to decrease to 14.6%, a 90 bps decline.

    The flight-to-quality remains an issue for the downtown Class B office market, as vacancy rose to 22.1% a 100 bps increase quarter-over-quarter.

    The suburban office market continues to perform well, with vacancy decreasing to 10.2%, a 70 bps decrease quarter-over-quarter.