Winnipeg’s historic office buildings are staying on the market longer.
That’s according to a new report from Commercial Real Estate Services Canada (CBRE), looking at trends in the final quarter of 2025.
The report found that Winnipeg’s downtown office vacancy increased slightly in that time to 18.6 per cent. CBRE officials say that’s not a cause for concern, as many other cities have similar vacancy rates and strong downtown areas.
While the rate remained stagnant in Winnipeg, many businesses have opted to move from one downtown location to another. The report found those in what are considered less-desirable areas — lower, older buildings — like in the Exchange District, are taking their businesses to newer buildings or spaces.
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Much of that movement has been to areas between Norte Dame Avenue and Broadway.
“Things like being connected to the skywalk, having 24-7 security, having modern elevator dispatch systems in a building. All of those start to become more and more attractive when you can afford it,” explains CBRE Winnipeg managing director Paul Kornelsen.
For officials at the Winnipeg Chamber of Commerce, businesses becoming successful enough to move to more desirable spaces is a positive sign for the downtown.
President Loren Remillard says they are seeing more businesses open than close downtown, but explains the importance of filling those now-vacant spaces across the downtown many have left.
“We need to make sure we have strong density of business activity in the downtown, workers, offices the themselves,” says Remillard.
“There’s a lot of industries that are supported by the downtown office workers — hospitality, restaurants, arts and culture venues, sporting.”
The CBRE report found office vacancy rates across the city also increased less than a per cent in Q4 2025 to 16.5 per cent.
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