Winnipeg Office Figures Q1 2026

‒    The downtown office market showed significant signs of recovery, with positive net absorption driving down overall vacancy by 100 basis points (bps) to 17.6%. This represents a reversal of recent trends and a boost in confidence for the downtown core.

‒    While the suburban market remained relatively stable, with a slight increase in vacancy of 10 bps to 11.2%, the continued increase in rental rates to $16.71 per sq. ft. suggests ongoing demand and resilience in this segment.

‒    Overall, the Winnipeg office market saw positive rental rate growth. Downtown, the average rental rate increased to $16.14 per sq. ft., while the overall Winnipeg rate reached $16.10 per sq. ft., reflecting the improved performance of the downtown market and continued strength in the suburbs.

‒    The combined effect of the downtown rebound and suburban stability led to a positive quarter for the Winnipeg office market overall, with 103,000 sq. ft. of positive net absorption and a significant drop in the overall vacancy rate to 15.8%.