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Winnipeg Industrial Market Report Q4 2023

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research article

The industrial vacancy rate increased to 2.5% in Q4 driven by the completion of two new industrial buildings in Northwest Winnipeg. Totaling over 330,000 square feet these sites were not pre-leased prior to completion and represent most of the 40-basis point vacancy increase from the previous quarter as well as the increase by 120-basis points from the previous year.

  • During this quarter Parkit Enterprise purchased an industrial property for $6.5 million in Winnipeg, located near Richardson International Airport. The facility is over 80,000 square feet with a total site area of 4.6 acres, and closing is expected to occur next quarter.
  • The demand this quarter remains strong predominantly for the industrial premises within the square footage range of 5,000 to 20,000 square feet. Nonetheless, the majority of supply that entered the market this quarter was mainly around the 50,000 to 100,000 square foot range, which encouraged the landlords to demise their space to meet the needs of their tenants.
  • With 336,000 square feet of construction projects completed in Q4 of 2023 and another 391,000 square feet under construction with completion dates in 2024, there is a pause in new development projects which we expect to see pick up as we see new supply continue to be absorbed.

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Winnipeg Industrial Market Report Q4 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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