The return to the geographic centre has seen increasing momentum
While Winnipeg’s suburban office market remains strong, Avison Young reported a sustained trend of landlords offering significant incentives to magnetize qualified tenants to the once red-hot downtown area.
The average vacancy rate in the suburban market was at 9% during the third quarter, while the rate in the downtown area stood at 15.9%.
However, the return to the geographic centre intensified once construction projects put on hold by the pandemic resumed in earnest.
“The initial slow return to downtown has been gaining momentum with at least 64% of downtown workers returning to the office,” Avison Young said in its latest market analysis.
Winnipeg is also benefiting from increasing optimism fuelled by healthy population growth, with the city recently surpassing Mississauga, ON as Canada’s sixth largest urban conglomerate.
“Downtown Winnipeg experienced consistent foot traffic flow throughout the summer as festivals and live music venues welcomed patrons again and downtown post-secondary institutions returned to in-person classes in September,” the report stated.