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Winnipeg Industrial Market Report Q2 2023

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research article

Winnipeg’s Industrial vacancy rate increased by 50 basis points from the previous quarter, largely due to existing inventory coming back on the market. With the rise in vacancy, Winnipeg’s industrial weighted average asking net rental rate decreased from $10.04 per square foot to $9.75 per square foot. This can be largely attributed to larger older industrial product coming back on the market at a lower net rent.

  • Strong market demand for industrial space has encouraged developers, investors, and owner-occupiers to invest in industrial land, with a large concentration of the demand coming from the Northwest quadrant of the city. Despite the increasing demand, Winnipeg’s industrial land market remains relatively affordable compared to other regions within Canada, with prices ranging from $300,000 to $600,000 per acre.
  • High construction costs continue to factor in the Winnipeg industrial market, as newly developed projects require higher rental rates to ensure prudent economic project viability. However, this has not slowed down Winnipeg’s industrial development pipeline with over 680,000 square feet of industrial product currently under construction. Much of this product will be completed and arrive on the market before the end of the year. Tenant demand remains strong for newly built, amenity-rich spaces as they are quickly being absorbed upon their market availability.

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Winnipeg Industrial Market Report Q2 2023

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Pour plus d’informations, veuillez contacter:

Dan Chubey

Managing Director | Winnipeg Brokerage

Winnipeg

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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