Page 13 - BOMA Manitoba 2021 Commercial Building Directory

The catalyst to these Class A and B
trajectories downtown occurred in
2018 with the completion of True
North Square. There has been robust
discussion of its cause and effect.
What is important, is the office leasing
at True North Square is essentially
complete when allowing for market
vacancy. This confirms the unique
product was in demand. Although the
submarket vacancy is higher than it
was before completion, the overall
footprint of businesses within the
submarket has grown, suggesting True
North Square may have been a catalyst
for, and capitalized on, growth in the
Class A market.

2020
Although some real estate decisions
were made and transactions were
completed in 2020, the year will be
remembered in the office leasing
market as one of pause, in-decision
and buying time. The effects of the
pandemic were negative to be sure.
The first submarkets hit were the
Downtown Class A and Suburban
market. After a very strong first quarter,
both saw contractions in the spring
that were equivalent to their recent See your real estate world
annual growth rates. This resulted in
giving back twelve months of growth with clarity, perspective and
over the course of three months. Then,
both submarkets were spared over value-added insight
the summer as they moved sideways,
or flat. The weaker downtown B and Powered by market-leading software and data, our team of professionals
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but they have been shrinking in recent
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in all of 2019. altusgroup.com

Remember, these contractions and
expansions define the office-consuming
business footprint in the city. Overall,
we were seeing growth pre-pandemic.
In 2020, the submarkets leading that
growth gave back a year’s worth in
the spring and then tapered off in the

Manitoba 2020 Commerical Building Directory 13