Figures

Winnipeg Office Figures Q2 2026

Downtown stability counteracts suburban vacancy rise

July 6, 2026 5 Minute Read

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  • The Winnipeg office market experienced mixed dynamics, with a slight overall vacancy increase and negative net absorption. This was largely driven by a rise in suburban vacancy, which saw a 130 basis point (bps) increase and 62,000 sq. ft. of negative net absorption.
  • The downtown core showed signs of stability, with overall vacancy decreasing 10 bps to 17.5% and 16,000 sq. ft. of positive net absorption. Downtown Class A properties particularly stood out, marking their fifth consecutive quarter of positive net absorption.
  • Rental rates presented a varied picture: downtown rates saw slight declines across all classes, while suburban rental rates increased by $0.40 per sq. ft. despite rising vacancy, reflecting the quality of available inventory.
  • Office development remains subdued overall with no downtown construction. However, suburban areas show emerging activity with 28,000 sq. ft. under construction and plans for a future eight-story office tower, signaling potential growth in that submarket.