Page 12 - BOMA Manitoba 2021 Commercial Building Directory

OFFICE

RyAN BEHIE
Vice President, Broker, CBRE Limited
Capital Markets, Advisory and Transaction Services

“ if you haven’t been to Winnipeg in the

last five years…”

t may raise some eyebrows to trending down to 7.5% in the last tumultuous period peaking near 13%
learn Winnipeg’s office market had two years from approximately 10% and has partially recovered showing
Ibeen consistently growing year- the three years prior. This reduction signs of stability in the 10% range.
over-year since 2015. It came with in vacancy occurred even as new These include top-tier assets in the
challenges and submarkets had varying developments were completed, SHED and near Portage and Main.
experiences, but the last five years have suggesting the suburban business
not been characterized by a lethargic footprint has been growing. Office The Downtown Class B market, which
shuffling of the deck, or simple musical parks like Tuxedo Business Park have includes much of the balance of the
chairs of tenants. Instead, it has been maintained enviable rates of occupancy central business district was trending
an office market characterized by new and continued expansion is underway. around 8% in the three years
construction downtown and in the leading up to 2018. It has steadily
suburbs, the establishment of exciting The experience downtown has increased since then climbing to
new districts, and a consistently not been as straightforward. The 13% with little evidence of stability.
growing base of businesses occupying downtown Class A market had record The downtown entered 2020
offices in each of the last five years. low vacancy in 2015. In the three with a stabilizing Class A market,
years prior to 2018, downtown Class destabilizing Class B market and a
The Suburban market was A vacancy trended around 7%. Since Class C market comprised primarily
steadyhanded with vacancy rates 2018, the asset class went through a of small businesses.

12 Manitoba 2020 Commerical Building Directory