Winnipeg Office Figures Q1 2025

–       Overall office vacancy fell 90 basis points (bps) in Winnipeg in Q1 2025.

–       While Class A leasing slowed in the first quarter with 15,000 sq. ft. of negative net absorption recorded, the flight-to-quality trend is expected to continue.

–       Class C has seen its vacancy rate increase by 140 bps quarter-over-quarter, settling at 17.4%.

–       The suburban office sector continued to display strong market fundamentals as the vacancy rate fell 60 bps in Q1 2025, landing at 10.7%.

–       Office development in Winnipeg is somewhat stalled.