The Winnipeg industrial market started 2021 with the same momentum seen in Q4 2020. Demand for warehouse space and user industrial buildings continues despite the pandemic.
- Construction costs have experienced upward pressure as demand for raw materials continues to increase.
- The Northwest net absorption was down 86% compared to the previous quarter with 79,325 SF of inventory absorbed.
- Demand for quality industrial product in the Southwest continues to remain high and commands a rental rate premium.
- The East market remained steady for most of 2020 and continues to reflect a decline in vacancy.
- The underlying fundamentals of the industrial market continue to remain strong.