As Winnipeg continues to showcase one of the strongest economies in the country with growth expected over the next few years, both the office and industrial markets will continue to be active. New office and industrial developments are expected in 2012 as demand for commercial real estate grows to support it.
The overall office vacancy has dropped slightly from last year to 9.2%. This is predicted to decline further in 2012 to a low of 7.7%. The downtown market has outperformed the suburbs. The outcome will lead an increase in rental rates, although still competitive across the country to a rate of $16.36 in 2012. A notable project will be the longboat development corporation’s CentrePoint project, a 20-storey 200,000 SF mixed-use building with 55,000 SF of office space near MTS centre.
Vacancies in industrial properties in Winnipeg were at their lowest point the past 13 years. An availability rate of 3.5% is being considered for 2012. The CentrePort Canada area of northwest Winnipeg will remain a focal point for industrial construction. The city of Winnipeg recently announced that it will spend $17.0 million on services for 1,100 acres of land, which is expected to be complete by the second quarter of 2012. Rental rate growth will moderate after increasing significantly over the past few years. Industrial users will be varied and plentiful, many of whom are national companies looking to enter the market.
On the retail front, many national and international retailers will continue to look for opportunities to enter the market in the coming year. This will help keep the overall retail vacancy rate at a 10 year low of less than 2.0%. Winnipeg is viewed as one of the top markets for retail space under construction. the IKEA-anchored Seasons of tuxedo super regional centre is now under construction with IKEA set to open in fall 2012 and the remaining space to be delivered by 2015.
Real Estate & Development Data
Zoning Information for the City of Winnipeg
Winnipeg Office Rental Rates
Fully Serviced Industrial Parks And Areas
Industrial Zoning District - Definitions
Value of Building Permits - Winnipeg
Value of Building Permits - Winnipeg, Manitoba, Canada
Value of Building Permits by Type - Winnipeg
To discuss Economic Development in Winnipeg, please contact:
Senior Vice President Economic Development Winnipeg Inc.
E: Greg Dandewich