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Winnipeg Industrial Market Report Q1 2023

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research article

Winnipeg’s industrial leasing activity remains strong across all of its market segments. While the Q1 vacancy rate did increase quarter-over-quarter, this can be attributed to larger blocks of older inventory coming back to the market such as 1555 Buffalo Place, for 156,715 square feet.

  • The industrial investment market saw persistent demand throughout 2022 despite rising interest rates, but volumes have finally shown signs of slowing down to begin the year. At the beginning of March, the Bank of Canada held its target overnight rate at 4.5% after aggressively raising its key overnight lending rate for the past year. The halt in rate hikes might be positive news for potential investors who wanted to jump into the market but were uncertain if interest rates would continue rising.
  • While asking net rental rates have decreased slightly from $10.18 to $10.04 per square foot, this is strictly due to weighted averages in our database. Older, large-bay industrial space coming back on the market at a significantly lower rate is not reflective of actual market conditions. In general terms, rental rates remain relatively high.


Winnipeg Industrial Market Report Q1 2023

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Pour plus d’informations, veuillez contacter:

Dan Chubey

Managing Director | Winnipeg Brokerage


Dan Chubey is the Managing Director, Winnipeg brokerage responsible for leading the sales advisor team as well as oversees operations, recruitment and strategic business development. Dan played an active role integrating the Colliers Winnipeg office with Colliers International and his focus is on leveraging our strong systems and technology to build for future growth.

Dan joined Colliers International in September 2018 after a 15 year career with global brewing leader ABI where his previous roles saw him as a Director with leadership responsiblity for the commercial business units of British Columbia, Ontario, and Manitoba. Recognized on numerous occassions as a top performer, his focus was on the development of high performing teams that grew market share while also prioritizing key financial metrics including top line and EBITDA growth.

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Adam Jacobs

Head of Research | Canada

Toronto Downtown

Colliers Canada's head of research, leading a cross-country team of 20 mapping, analytics and research professionals. Formerly head of Canada research at Cushman Wakefield and Director of Analytics at Oxford Properties. Featured in mainstream publications such as the Toronto Star, industry publications and podcasts. Specializing in the big picture and the fundamentals driving real estate - demographics, the macro environment and the global economy. 

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