What makes Cushman & Wakefield the preferred choice? It’s simple.
Cushman & Wakefield Winnipeg is a fully integrated brokerage specializing in sales and leasing in the retail, office, industrial and investment sectors. Our commercial real estate professionals are committed to exceeding expectations and helping clients turn fixed assets into dynamic assets, ready to make a significant contribution to overall corporate performance, regardless of the economy or business cycle. We provide extensive local market knowledge through some of the most experienced agents in the city, and provide global solutions through our platform of 14,000-plus professionals worldwide in 253 offices in 60 countries.
Manitoba’s economy finished the year on a strong note and is expected to be among Canada’s leaders in economic growth in 2016, with RBC Economics forecasting GDP growth of 2.4%. Construction spending is expected to rise as work continues on two major Manitoba Hydro projects; the Bipole III transmission line and Keeyask Infrastructure and Generating Station.
The final quarter of 2015 saw Winnipeg’s overall office vacancy rate decrease to 8.9% from 9.2% in Q3 as there was positive absorption in five of the six market classes. In the class A Central Business District (CBD) market, the vacancy rate remained unchanged from last quarter at 4.4%. This market class continues to see high rates of renewal and is expected to remain highly desirable for tenants looking for premier office space. Click here to download the full report
Manitoba’s economy continues to be one of the most stable in the country and is projected to grow by 2.3% in 2015. Manufacturing activity lagged in Q3 2015 but this was partially offset by strong production in the agricultural sector. The unemployment rate in Manitoba is forecasted to average 5.6% in 2015; the third lowest among all Canadian provinces and well below the projected national average of 6.8%. (Source: RBC Economics, BMO Capital Markets Economics)
It was a fairly quiet third quarter in Winnipeg’s office market, with the overall office vacancy rate remaining unchanged at 9.2%. The biggest news came in late September as the long awaited decision on the location of the new Manitoba Liquor & Lotteries head office was announced. Liquor & Lotteries will redevelop and expand the former Kennedy Medical Arts Building in the downtown area. The 191,000-sf development will commence construction in 2017.
The class A CBD vacancy rate fell in Q3 2015 to 4.4% from 5.3% in the previous quarter. The most significant lease transaction was Hewlett Packard’s 33,878-sf occupancy at 200 Graham Avenue over two floors. Click here to download the full report
PROVINCIAL ECONOMIC OVERVIEW
Manitoba’s Real GDP growth is projected to be 2.3% in 2015, a solid growth rate which ranks third best among all Canadian provinces. The first two quarters of 2015, saw the labour force gain 16,000 entrants and the unemployment rate hit 5.6%, third lowest among all provinces (Source: RBC Economics, BMO Capital Markets Economics).
OVERALL VACANCY RATE UP AGAIN IN Q2 2015
Winnipeg’s overall office vacancy rate rose to 9.2% in the second quarter of 2015, up from 8.7% in Q1 2015.
The class A CBD vacancy rate rose in Q2 2015 to 5.3% from 4.1% in the previous quarter. The increase in vacancy in the class A CBD market was primarily due to 51,346 square feet (sf) of headlease space becoming available at 200 Graham Avenue. The previous federal government tenant relocated to another building in the downtown market.
The class B CBD overall vacancy rate was 10.9% at the end of the second quarter of 2015 – an increase of 0.5 percentage points from the previous quarter. Several smaller blocks of space became available on Portage Avenue, which continues to see high rates of vacancy. Click here to download the full report
PROVINCIAL ECONOMIC OVERVIEW
In Q1 2015, Manitoba’s real GDP growth is projected to be 2.8%, a solid growth rate spurred by the weak Canadian dollar and low energy prices. The unemployment rate in Manitoba is forecast to be 5.6% in 2015, the third lowest among all Canadian provinces and well below the projected national average of 6.7%. (Source: RBC Economics, BMO Capital Markets Economics)
OVERALL VACANCY RATE UP IN Q1 2015
Winnipeg’s overall office vacancy rate rose to 8.7% in the first quarter of 2015, up from 8.2% in Q4 2014. The class A CBD vacancy rate rose in Q1 2015 to 4.1% from 3.3% in the previous quarter. The class A CBD market saw the addition of 311 Portage Avenue at Centrepoint, a 200,000-square foot (sf) mixed-use development with 81,069 sf of office space. Stantec Inc. is the anchor tenant of the project. The class B CBD overall vacancy rate was 10.4% at the end of the first quarter of 2015 – an increase of 1.1 percentage points from the previous quarter. Ceridian gave up a full floor (9,640 sf) at 125 Garry Street, while two full floors totaling 11,000 sf became available at 275 Portage Avenue. Click here to download the full report