Winnipeg’s industrial market started 2022 on a strong note. There was over 380,000 square feet of positive absorption, the third-largest amount in the past sixteen quarters.
The industrial average asking net rental rates increased to a new all-time high of $8.33 per square foot, shattering the previously set record of $8.02 from Q3 2021.
As the industrial vacancy rate continues to decrease and average asking net rents continue to increase, new development also continues to be quickly absorbed at rates transacted well above the market average.
The City of Winnipeg’s commitment in their recent budget to servicing Centreport South is a positive sign for increased development in the area and to continue to fuel the positive demand for the new, amenity-rich product in the Greater Winnipeg Area.